Now halfway through 2021, a new report by reveals the prices of rentals in Canada are “recovering steadily.”
Zumper, which is an apartment rental website, compiled data from the median rent prices across the 24 latest cities in Canada. Their site notes that “For our monthly rent reports, we aggregate data from over one million active listings to calculate median asking rents… This data includes more listings than most other rental websites and is sourced through a combination of proprietary listings posted by landlords and brokers through Zumper’s Landlord Platform and 3rd party listings received from MLS providers.”
Overall, the most shocking, is that Toronto dropped out of the top two markets and ranks as the country’s fourth most expensive rental city. Toronto one-bedroom rent saw the largest monthly decline in the country, dropping 5% to $1,710, which is the lowest it’s been since February 2017. Meanwhile, Burnaby and Barrie outpaced Toronto by moving up to become 2nd and 3rd, respectively.
Top 5 Most Expensive Markets
1. Vancouver, BC continued to rank as the most expensive city with both one and two-bedroom rents climbing 2.6%, settling at $2,000 and $2,800, respectively.
2. Burnaby, BC moved up a spot to rank as the 2nd priciest city, overtaking Toronto, with one-bedroom rent increasing 2.9% to $1,750. Two-bedrooms had a more moderate growth rate, inching up 0.4% to $2,280.
3. Barrie, ON jumped up a spot to become the 3rd most expensive with one-bedroom rent climbing 4.8% to $1,730, while two-bedrooms grew 4.9% to $1,920.
4. Toronto, ON dropped 2 rankings down to 4th, the first time it’s ever ranked outside of the top 2, with one-bedroom rent falling 5% to $1,710. Two-bedrooms, meanwhile, decreased 5.3% to $2,200.
5. Victoria, BC remained the 5th priciest with one-bedroom rent increasing 4.4% to $1,670, while two-bedrooms inched up 0.5% to $2,080.
Cities with The Largest Monthly Changes
–Québec, QC had the largest monthly rental growth rate, climbing 5.3% to settle at $790.
–Kitchener, ON saw rent grow 5.1% to $1,450 and rank as the 9th priciest city.
–Regina, SK moved up 1 spot to become the 22nd most expensive rental market with one-bedroom rent jumping 4.6% to $910.
–Abbotsford, BC dropped 3 spots to become 15th with rent dipping 4.5% to $1,270.
–Halifax, NS saw rent fall 3.8%, settling at $1,280, and down 2 positions to rank as the 14th priciest.
–Windsor, ON was the 18th most expensive city with rent declining 1.8% to $1,080.