The average cost of rent in Canadian cities for October (MAP)
As we hit the halfway mark of October, PadMapper is reporting that the country’s two priciest cities continued to have “double-digit year-over-year declines.”
According to PadMapper’s latest report, the rent price free-fall in the nation’s two priciest markets may “hit a floor soon” as both Toronto and Vancouver experienced a monthly tapering of rental growth rates.
Overall across Canada, aside from the three most expensive cities, the majority of Canadian cities had “growing rents on a yearly basis.”
Once again, Toronto took the top spot for the most expensive rent in the country as one-bedroom rent decreased 1% to $2,050, while two-bedrooms grew 0.8% to $2,650.
Vancouver remained in second place as rents had a flat month with one- and two-bedrooms staying at $2,000 and $2,750, respectively. However, two-bedroom rent in this city is down 15% since this time last year.
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Burnaby, BC, remained in third place with one-bedroom rent slightly dipping to $1,660 and two-bedroom spots dropping to $2,280.
Victoria snuck into fourth place for most expensive rentals, at $1,650 for a one-bedroom and $1,980 for a two-bedroom spot.
Kelowna rounded off the top markets with one-bedroom rent decreasing 3.2% to $1,500, while two-bedrooms increased to $1,750.
The cheapest rent in Canada this month can be found in St. John’s, Newfoundland, where a one-bedroom rental costs a cool $810 with two-bedrooms going for an average of $880.
The full report can be found on the PadMapper website.