The average cost of rent in Canadian cities for August

Aug 16 2021, 11:40 am

As we enter the halfway point of August, Zumper is reporting that Toronto has reclaimed its ranking of the second most expensive rental city in Canada, following Vancouver.

The apartment rental website says it analyzed hundreds of thousands of listings to examine median rent prices across the 24 latest cities in Canada.

Overall, eight cities experienced rents on an upward trend last month, ten markets went downward, and six remained flat.

Kelowna had the largest monthly rental growth rate, jumping 5.3%, Barrie experienced the biggest decline, decreasing 5.2%.

Burnaby and Barrie both dropped down to 3rd and 5th, respectively. In the rest of the top 10 markets, St. Catharines moved up three spots and into the top 10 to rank as the 9th priciest, while Hamilton fell out of the top 10.

Here’s how the rest of Canada’s monthly rental prices pans out.

Top 5 Most Expensive Markets in Canada

Vancouver, BC, remained the most expensive city with one-bedroom rent staying flat at $2,000, while two-bedrooms increased 2.1% to $2,860.

Toronto, ON, moved up two spots to reclaim its ranking as the 2nd priciest market with one-bedroom rent jumping 4.7% to $1,790. Two-bedrooms had more “moderate growth,” according to Zumper, climbing 2.3% to $2,250.

Burnaby, BC, dropped down to 3rd, though one-bedroom rent increased 1.1% to $1,770. Two-bedrooms, meanwhile, grew 3.9% to $2,370.

Victoria, BC, climbed up a spot to rank as the 4th most expensive with one and two-bedroom rents priced at medians of $1,660 and $2,020, respectively.

Barrie, ON, fell two spots to become 5th with one-bedroom rent falling 5.2% to $1,650, while two-bedrooms decreased 3.6% to $1,850.

Zumper

BC and Ontario are all over the country’s top 10 most expensive markets. Cities in BC make up 40% of Canada’s top 10 priciest rental cities, and Ontario made up 60%.

Quebec City remained the country’s least expensive rental city, with one-bedroom rent going for a smooth $820 and two bedrooms averaging at an even $1,040.

Zumper

Daily Hive StaffDaily Hive Staff

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