Overall, 9 Canadian cities saw an upward trend, 6 downward, and 9 remained stable last month. As flat monthly growth rates continue, since we are deep into the slow moving season, large year over year prices remain a trend as well, which continues to highlight the ever growing demand for rentals throughout Canada. Notably, Hamilton, which just moved into the top 10 markets, had the largest year over year rental growth rate in the nation, with two bedrooms up 15.5%.
Meanwhile, on a monthly basis, London had the most substantial rental growth rate, climbing 4.9%, while Halifax saw the biggest rent dip, down 4.8%.
Top 5 Most Expensive Markets
- Toronto, ON continued to reign as the priciest city with one bedroom rent increasing 0.4% to $2,270, while two bedrooms remained flat at $2,850.
- Vancouver, BC saw one bedroom rent drop 2.3% to $2,080, while two bedrooms grew 1.5% to $3,280.
- Burnaby, BC stayed 3rd with one bedroom rent remaining stable at $1,570, while two bedrooms fell 1.7% to $2,250.
- Montréal, QC one and two bedroom prices both remained flat, settling at medians of $1,500 and $1,780, respectively.
- Victoria, BC remained the 5th most expensive city, though one bedroom rent stayed stable at $1,390. Meanwhile two bedrooms had a large uplift, growing 5% to $1,670.
–London, ON one bedroom rent had the largest monthly growth rate in the nation, jumping 4.8% to $990 last month. This large bump also moved the city up 2 spots to become the 14th most expensive.
–Edmonton, AB rose one position to rank as the 18th priciest city, now tied with Abbotsford. One bedroom rent grew 4.4% to $950, while two bedrooms increased 3.3% to $1,240.
–Regina, SK saw one bedroom rent climb 3.5%, settling at $890, and up one spot to become 20th. Two bedrooms had an even larger growth rate, jumping 4.6% to $1,130.
–Halifax, NS one bedroom rent fell 4.8%, which was the biggest monthly rent dip in the nation, and down 1 position to rank as the 16th priciest. Two bedroom rent, on the other hand, remained flat at $1,270.
–St. Catharines, ON dropped 2 spots, and out of the top 10 markets, to rank as the 11th priciest city. One bedroom rent decreased 4.2% to $1,150, while two bedrooms fell 4.3% to $1,350.
–Québec, QC took a 1 ranking dip to 21st with one bedroom rent dropping 2.3% to $860 and two bedroom rent falling 5.4% to $1,050.