The average cost of rent in Canadian cities for May (MAP)
As the calendar switches to warmer months, PadMapper is reporting that the country’s two most expensive markets have continued “their downward trajectories as the effects of COVID-19 became more pronounced on rent prices.”
According to PadMapper’s latest report, Toronto and Vancouver’s rents were “down on all front,” as monthly one-bedrooms in Toronto dropped by 2.2% and 2.4% in Vancouver.
Overall across Canada, 12 cities were on an upward trajectory, seven downward, and fived remained flat.
“On a year-over-year basis, over half of the cities still had rental growth rates up in the double-digits, signalling that even though COVID-19 may be putting downward pressure on monthly prices, the Canadian market is still hot and very in demand from a long-term perspective,” the rental search website said.
Once again, Toronto took the top spot for the most expensive rent in the country. One bedrooms dipped a bit from April, down to $2,200 and two-bedroom spots decreased by -4.1% to $2,830.
Vancouver remained in second place with one bedrooms decreasing slightly to $2,100. Two bedrooms remained flat at $3,000.
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Burnaby, BC, remained in third place with one-bedroom rent at $1,770 and two bedrooms 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.
Montreal locked into the five-hole, with single-bedrooms going for $1,470 and two-bedrooms at $1,850.
The cheapest rent in Canada this month can be found in St. John’s, Newfoundland, where one-bedroom rent costs $830 with two-bedrooms going for an average of $890.