As the calendar switches to warmer tides, PadMapper is reporting that rent throughout the country has been “faced with downward pressure” in a post-COVID world, and the apartment-hunting website says the trend “will only continue in the coming months.”
According to PadMapper’s latest report, Canada’s two highest rent spots, Toronto and Vancouver, saw monthly decreases, and Vancouver dealt with the “largest year-over-year decline” ever reported for the city.
Overall across Canada, only five cities were on an upward trajectory last month, while 11 were headed downward and 8 remained flat.
“As many renters nationwide suffered financial setbacks from the pandemic, rents throughout Canada have been faced with downward pressure post-COVID,” says the rental search website. “Landlords will need to price down units and/or offer incentives, like a free month’s rent with a 12 month lease, in order to fill vacancies.”
Once again, Toronto took the top spot for the most expensive rent in the country even though rents continued to be “down on all fronts,” with one-bedroom rent decreasing 0.9% to $2,180 and two-bedrooms dropping 1.1% to $2,800.
Vancouver remained in second place with one-bedrooms remaining at $2,100 and two-bedrooms at $3,000.
- See also:
Burnaby, BC, remained in third place with one-bedroom rent at $1,750 and two-bedroom remaining at $2,330.
Victoria snuck into fourth most expensive, at $1,600 for a one-bedroom and an even $2,000 for a two-bedroom spot.
Barrie overtook Montreal for the fifth most expensive spot, with single-bedrooms going for $1,490 and two-bedrooms at $1,590.
The cheapest rent in Canada this month can be found in St. John’s, Newfoundland, where one-bedroom rent costs $860 with two-bedrooms going for an average of $910.