The average cost of rent in Canadian cities for July (MAP)
As we enter the halfway point of July, Zumper reports that the Canadian rental market seems to be “recovering steadily” as the trend of growing rent prices in the majority of markets has continued for the past couple of months.
The apartment rental website says it analyzed hundreds of thousands of listings to examine median rent prices across the 24 latest cities in Canada.
For the first time, Toronto fell out of the top two markets and now ranks as the country’s fourth most expensive rental city.
Overall, 16 cities experienced rents on an upward trend last month, five markets went downward, and three remained flat.
- See also:
Top 5 Most Expensive Markets in Canada
Vancouver continued to rank as the most expensive city, with both one and two-bedroom rents climbing 2.6%, settling at $2,000 and $2,800, respectively.
Burnaby, BC moved up a spot to rank as the 2nd priciest city, overtaking Toronto, with one-bedroom rent increasing 2.9% to $1,750. Two-bedrooms had a lower growth rate, inching up 0.4% to $2,280.
Barrie, ON jumped up a spot to become the third most expensive rental city in Canada, with one-bedroom rent climbing 4.8% to $1,730, while two bedrooms grew 4.9% to $1,920.
Toronto, ON dropped down two spots to fourth (the city’s first time ranking outside of the top two).
Victoria remained the fifth priciest rental city in Canada, with one-bedroom rent increasing 4.4% to $1,670, while two bedrooms inched up 0.5% to $2,080.
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 $790 and two bedrooms averaging at an even $1,000.