As the calendar switches to the last official month of summer, PadMapper is reporting that the country’s two priciest cities continued to hit “record dips in prices.”
According to PadMapper’s latest report, besides Toronto and Vancouver — the country’s two most expensive cities — “the rest of Canada seems to be steadily recovering from the sudden halt in rental demand during the pandemic as half of the total cities saw rents grow on a monthly basis.
Overall across Canada, 12 cities were on an upward trajectory last month, while nine others were headed downward and three remained flat.
“As Canada continues to reopen, the desire to move away from pricey cities is becoming more and more apparent.”
Once again, Toronto took the top spot for the most expensive rent in the country even though on a “year-over-year basis, both bedroom types have fallen in the double digits.” One-bedroom rent in Toronto decreased another 1.4% to $2,070, while two-bedrooms dropped 0.8% to $2,630.
Vancouver remained in second place with one-bedrooms decreasing to $2,000 and two-bedrooms dipping to $2,750.
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Burnaby, BC, remained in third place with one-bedroom rent slightly decreasing to $1,700 and two-bedroom rent dipping to $2,290.
Victoria snuck into fourth most expensive, at $1,610 for a one-bedroom and $1,990 for a two-bedroom spot.
Barrie rounded off the top markets with one-bedroom rent decreasing 4.9% to $1,560, while two-bedrooms increased to $1,700.
The cheapest rent in Canada this month can be found in St. John’s, Newfoundland, where one-bedroom rent costs a cool $810 with two-bedrooms going for an average of $860.
The full report can be found on the PadMapper website.