As we enter the halfway point of May, PadMapper reports that two-thirds of Canadian cities saw rental growth last month.
The rental site says it could be the beginning of a trend reversal across the nation.
“This shift may be signalling a start to the reversal of the 2020 rental market trends,” says PadMapper. “More Canadians may be considering moving back to expensive markets, to take advantage of low prices or in preparation of life returning to what it was like pre-pandemic as more vaccines become available, which would increase prices after a year of historic decreases.”
The rental site estimates that as we move into the hot season of summer, expensive markets are likely to see rental price growth as demand is “likely to pick up.”
Overall, 16 cities saw rent prices go up, three remained flat, and five had decreasing rates last month.
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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 prices grew for both bedroom types last month as one-bedroom rent increased 1.6% to $1,930 and two-bedrooms moved up 2.7% to $2,670.
Toronto also saw both bedroom types increase in price, with one-bedroom rent growing to $1,790 and two-bedrooms inching up to $2,310.
Barrie moved up a spot from April’s ranking and is now the 3rd most expensive city in Canada. One-bedroom rent jumped up 4.8% to $1,730, while two-bedrooms increased 0.6% to $1,780.
Burnaby dropped to 4th, and Victoria stayed locked in at 5th.
Quebec City remained the country’s least expensive rental city, with one-bedroom rent going for a smooth $790 and two-bedrooms average at $1,090.