ZUMPER’S latest Canadian National Rent Report shows that Vancouver continued to rank as the most expensive city with one-bedroom rent growing 1.4% to $2,130, while two-bedrooms increased 0.3% to $2,900.
Kelowna, BC, moved up a spot to become the 4th most expensive rental market with one-bedroom rent increasing 0.6% to $1,610, while two-bedrooms jumped 4.8% to $2,180.
Abbotsford, BC, and Kingston, Ontario, had the largest monthly increases in the nation for one-bedroom rent, both up 5.3% to $1,400.
Overall, 14 cities experienced an upward trend, six markets went downward, and three remained flat. While Abbotsford and Kingston had the largest monthly rental growth rates, both jumping 5.3%, Victoria experienced the biggest decline, falling 4.2%.
At the top, Vancouver continues to hold steady as the most expensive city, with one-bedroom rent now $330 pricier than Toronto’s. Though Toronto experienced some monthly growth, it is still the only city in the report with double-digit year-over-year declines. The majority of the rest of the Canadian cities experienced growing rents since this time last year, continuing to signal a strong rental market recovery.
Top 5 Most Expensive Markets
1. Vancouver, BC continued to rank as the most expensive city with one-bedroom rent growing 1.4% to $2,130, while two-bedrooms increased 0.3% to $2,900.
2. Toronto, ON ranked as the second priciest with one-bedroom rent climbing 1.7% to $1,800, while two-bedrooms dropped 0.4% to $2,250. Notably, on a year-over-year basis, two-bedroom rent is down over 15%.
3. Barrie, ON saw one-bedroom rent fall 1.2% to $1,700, while two-bedrooms increased 1.1% to $1,850. One-bedroom rent in this city is up nearly 15% since this time last year.
4. Kelowna, BC moved up a spot to become the 4th most expensive rental market with one-bedroom rent increasing 0.6% to $1,610, while two-bedrooms jumped 4.8% to $2,180.
5. Victoria, BC dropped down to 5th with one-bedroom rent falling 4.2% to $1,600, while two-bedrooms increased 1.4% to $2,150.
Cities with The Largest Monthly Changes
–St. Catharines, ON ranked as the 8th most expensive city with one-bedroom rent climbing 4.9% to $1,500.
–Winnipeg, MB was the 18th priciest city with one-bedroom rent falling 1% last month to $1,020.
–Windsor, ON one-bedroom rent dropped 0.9% to $1,130.