As we trek past the midway point of March, PadMapper is reporting that the two most expensive cities in Canada have hit record-low rents.
Continuing last month’s trend, one-bedroom rent in Vancouver was priced as low as it’s been since March 2017. The same can be said for Toronto, where one-bedroom rent is at its lowest since February 2017.
Meanwhile, PadMapper says rents in the rest of the country seem to have “stabilized” as the earlier pandemic months of nationwide double-digit year-over-year declines have passed.
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Overall, nine cities across Canada saw rent prices go up, six stayed flat, and nine had decreasing rates over the past month.
Vancouver continues to have the most expensive rent in the country, even with one-bedroom rent dropping 2.1% to $1,900 and two-bedrooms remaining flat at $2,360.
One-bedroom rent decreased 1.1% to $1,750 in Toronto, good for the second most expensive in Canada, while two-bedrooms inched up a slight 0.4% increase to $2,350. Notably, one-bedroom rent in TO has fallen 21.5% since this time last year.
Burnaby, BC, is the country’s third most expensive rental city as one-bedroom rent dropped 1.2% to 1,660 and two-bedrooms grew a slim 0.5% to $2,200.
Victoria moved up a spot to rank as the fourth priciest city with one-bedroom rent increasing 1.9% to $1,600 and two-bedroom rent growing 0.5% to $2,000.
Rounding out the top five rental cities (all of which are in Ontario and BC), Barrie dropped down to fifth with one-bedroom rent taking a 4.8% dip to $1,570. Two-bedrooms had an even more drastic decline, decreasing 5.1% to $1,690.
Abbotsford, BC, one-bedroom rent experienced the largest monthly growth rate in the nation, jumping 4.8% to settle at $1,310.
Quebec overtook St. John’s as the least expensive rental city in the country with one-bedroom rent going for a smooth $830 and two-bedrooms averaging $1,210.