As we enter the halfway point of April, PadMapper is reporting that the two most expensive rental cities in Canada have remained flat on a monthly basis for the first time since January 2020.
Vancouver and Toronto remain the two most expensive cities to rent in the country. The rental report website says the flat rates may be a result of a migration of renters who never lived in pricey cities but wanted to take advantage of cheap rent and unheard of move-in specials currently being offered.
PadMapper says, “New renters moving in evens out the overall demand, so we aren’t seeing the trend of continuous decline in rent prices anymore.”
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Across the country, 10 cities saw rent prices go up, five remained flat, and nine had decreasing rates, according to PadMapper.
Vancouver continues to have the most expensive rent in the country, even with rent prices for one-bedroom and two-bedrooms remaining flat at $1,900 and $2,600, respectively.
One-bedroom and two-bedroom rentals also stayed flat in Toronto, the second most expensive in Canada.
Burnaby, BC, is the country’s third most expensive city, with one-bedroom spots going for an average of $1,700 and two-bedrooms at $2,200.
Barrie, ON, moved up a spot to rank as the fourth priciest city with one-bedroom rent increasing a whopping 5% to $1,700 and two-bedroom rent growing 4.7% to $1,770.
Rounding out the top five cities (all of which are in Ontario and BC), Victoria dropped down to fifth with one-bedroom rent taking a 3.8% dip to $1,540. Two-bedrooms had a smaller decline, decreasing 1.5% to $1,970.
Quebec City overtook St. John’s as the least expensive rental city in the country in March and remained flat in April. One-bedroom rent goes for a smooth $790, and two-bedrooms average at $1,150.