As we cross the halfway mark of December, PadMapper is reporting that the country’s two priciest cities have swapped places.
According to PadMapper’s latest report, Vancouver has overtaken Toronto as the priciest city to rent in the country.
Four cities across British Columbia rank in the top five most expensive cities in Canada, joined by five spots in Ontario and one in Quebec.
Overall across Canada, nine cities experienced a “downward monthly rent price change,” 12 were trending upward, and three remained flat.
While the former most expensive rental city in the country, Toronto, dropped one-bedroom rent to $1,900 last month, Vancouver became the priciest in Canada at $1,950. On a year-over-year basis, both one and two-bedroom rents in Vancouver are down over 11%.
Toronto was dethroned as the priciest market, with one-bedroom rent falling 5%. One-bedroom rent in TO has fallen over 17% since this time last year.
Burnaby, BC, remained in third place with one-bedroom dropping 2.9% to $1,670.
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Victoria held onto fourth place for most expensive rentals, decreasing 1.2% to$1,630.
Kelowna jumped up one position to become the 5th most expensive, with one-bedroom rent climbing 4.1% to $1,510. On a year-over-year basis, one-bedroom rent is up nearly 12%.
The cheapest rent in Canada this month can be found in St. John’s, Newfoundland, where a one-bedroom rental costs a cool $840 with two-bedrooms going for an average of $910.