As we enter the halfway point of June, PadMapper reports that two-thirds of Canadian cities saw rental growth last month.
The real estate website says the recovery from 2020’s rental market trend seems to have begun, citing a current drive-up in rental prices.
“As many Canadian residents are likely to be fully vaccinated by the fall, renters may be preparing for a sense of normalcy slowly returning by beginning to search for their next apartments again.”
Looking at the top markets, both Vancouver and Toronto continued to have rents grow for both one and two-bedroom types for the second month in a row.
Overall, five cities saw rent prices go up from May, 14 remained flat, and five had decreasing rates last month.
- See also:
Vancouver and Toronto continue to be the country’s two most expensive rental cities, with British Columbia and Ontario sharing nine of Canada’s top 10 most expensive rents.
Vancouver continued to see “climbing rents,” with one-bedroom rent growing 1% to $1,950 and two-bedrooms increasing 2.2% to $2,730.
Toronto saw a slight increase, going up 0.6% for one-bedrooms ($1,800) and 0.4% for two-bedroom spots ($2,320.)
Burnaby moved up a spot to become the third priciest city with one and two-bedroom rents priced at $1,700 and $2,270, respectively.
Barrie dropped down to fourth with one-bedroom rent falling 4.6%, which was the largest monthly decline of any city in the country, to $1,650.
Victoria remained fifth, though one-bedroom rent increased a slight 0.6% to $1,600.
Quebec City remained the country’s least expensive rental city, with one-bedroom rent going for a smooth $750 and two-bedrooms averaging at $1,040.