THE latest latest Canadian National Rent Report by Zumper shows that Vancouver remains the most expensive city with one-bedroom rent increasing 5% from August to $2,100, while two-bedrooms grew 1% to $2,890.
Toronto still continues to be the second priciest city in Canada with one-bedroom rent slightly declining -1.1% to $1,770.
Overall, 14 cities experienced an upward trend, four markets went downward, and five remained flat. While Halifax had the largest monthly rental growth rate jumping 5.2%, St. John’s experienced the biggest decline, falling 2.4%.
With a majority of cities growing in monthly rent prices, Canada’s rental market seems to be experiencing a strong recovery. As schools, the international border, and some offices begin to reopen, a sense of business as usual has returned so rental demand has picked up, especially in some expensive cities like Vancouver where one-bedroom rent was up 5% last month.
Top 5 Most Expensive Markets
1. Vancouver, BC, continued to rank as the most expensive city with one-bedroom rent growing 5% to $2,100. Two-bedroom rent had a more modest monthly growth rate, increasing 1% to $2,890.
2. Toronto, ON, was second with one and two-bedroom rents priced at $1,770 and $2,260, respectively. On a year-over-year basis, both bedroom types are still down about 14%.
3. Barrie, ON, saw one-bedroom rent jump 4.9% to $1,720 and rank as third. Two-bedrooms, on the other hand, decreased 1.1% to $1,830.
4. Victoria, BC, held on to its position as fourth with one-bedroom rent inching up a slight 0.6% to $1,670, while two-bedrooms jumped 5% to $2,120.
5. Kelowna, B,C moved up to 5th with one and two-bedroom rents priced at $1,600 and $2,080, respectively.
Cities with The Largest Monthly Changes
Upward
–Halifax, NS moved up two spots to rank as the tenth priciest city with one-bedroom rent jumping 5.2% last month, which was the largest monthly growth rate in the nation, to $1,410.
–St. Catharines, ON ranked as the ninth most expensive market with one-bedroom rent growing 5.1% to 1,430.
–Québec, QC saw one-bedroom rent climb 4.9%, settling at $860, and up two positions to become twenty-second.
Downward
–St. John’s, NL one-bedroom rent dropped 2.4%, which was the biggest monthly decline in the country, to $820 and ranked as the most affordable city.
–Oshawa, ON continued to rank as the seventh priciest, though one-bedroom rent fell 1.3% to $1,490.
–Kitchener, ON saw one-bedroom rent decrease 0.7 to $1,440 and rank as eighth.
| 1 Bedroom | 2 Bedrooms | ||||||
|---|---|---|---|---|---|---|---|
| Pos. | City | Price | M/M % | Y/Y % | Price | M/M % | Y/Y % |
| 1 | Vancouver | $2,100 | 5.00% | 5.00% | $2,890 | 1.00% | 5.10% |
| 2 | Toronto | $1,770 | -1.10% | -14.50% | $2,260 | 0.40% | -14.10% |
| 3 | Barrie | $1,720 | 4.90% | 10.30% | $1,830 | -1.10% | 7.60% |
| 4 | Victoria | $1,670 | 0.60% | 3.70% | $2,120 | 5.00% | 6.50% |
| 5 | Kelowna | $1,600 | 0.00% | 3.20% | $2,080 | 5.10% | 16.20% |
| 6 | Ottawa | $1,500 | 3.40% | 0.00% | $1,800 | 0.00% | 1.10% |
| 7 | Oshawa | $1,490 | -1.30% | 10.40% | $1,640 | -1.80% | 0.60% |
| 8 | Kitchener | $1,440 | -0.70% | 2.90% | $1,710 | 1.20% | 6.90% |
| 9 | St Catharines | $1,430 | 5.10% | 14.40% | $1,660 | 1.20% | 10.70% |
| 10 | Halifax | $1,410 | 5.20% | 20.50% | $1,770 | 4.70% | 14.90% |
| 11 | Hamilton | $1,390 | 3.00% | 5.30% | $1,730 | 1.80% | 4.20% |
| 12 | Montreal | $1,350 | 0.00% | -3.60% | $1,740 | -1.10% | -0.60% |
| 13 | Abbotsford | $1,330 | 4.70% | 14.70% | $1,530 | 4.80% | 15.00% |
| 13 | Kingston | $1,330 | 0.00% | 4.70% | $1,640 | 5.10% | 10.10% |
| 15 | London | $1,300 | 2.40% | 11.10% | $1,600 | 1.30% | 8.80% |
| 16 | Windsor | $1,140 | 0.90% | 15.20% | $1,380 | -2.80% | 15.00% |
| 17 | Calgary | $1,130 | 0.00% | -1.70% | $1,370 | 0.00% | 2.20% |
| 18 | Winnipeg | $1,030 | 0.00% | 3.00% | $1,300 | 0.00% | 0.00% |
| 19 | Saskatoon | $950 | 1.10% | 5.60% | $1,050 | 0.00% | -0.90% |
| 20 | Edmonton | $940 | 1.10% | -5.10% | $1,200 | 0.00% | -4.00% |
| 21 | Regina | $900 | 1.10% | 0.00% | $1,100 | 2.80% | 1.90% |
| 22 | Quebec | $860 | 4.90% | -12.20% | $1,010 | -2.90% | -14.40% |
| 23 | St John’s | $820 | -2.40% | 1.20% | $910 | 0.00% | 5.80% |
