Overall, 11 cities experienced an upward trend last month, 9 downward, and 4 remained flat. As we near the end of 2019, this rent report will focus on more year over year changes than previous ones. It has a section highlighting the cities with the largest growth rates, which all happened to be in the Ontario providence! Over half of all cities experienced double digit year over year growth rates and the largest yearly declines were only around 1%, so the majority of Canadian cities saw rents grow this past year.
Top 5 Most Expensive Markets
- Toronto, ON remained the most expensive city with one bedrooms down 2.1% to $2,300, while two bedrooms stayed flat at $3,000.
- Vancouver, BC saw one bedroom rent stay stable at $2,200, while two bedrooms dropped 5% to $3,030.
- Burnaby, BC one bedroom rent decreased 2.9% to $1,700, while two bedrooms had a slight uptick of 0.9% to $2,350.
- Victoria, BC moved up one spot to become the 4th priciest rental market. One bedroom rent grew 2.6% to $1,560 while two bedrooms jumped 4.8% to $1,740. Notably, on a year over year basis, two bedroom rent here is up 15.2%.
- Montréal, QC dropped down to 5th with one bedroom rent decreasing 2% to $1,500 and two bedrooms staying flat at $1,950.
Cities with The Largest Year Over Year Rental Growth Rates
–Kingston, ON one bedroom rent had the largest year over year growth rate, climbing 15.6% since this time last year. Two bedrooms here also had a growth rate in the double digits, up 10.7%.
–Kitchener, ON saw one bedroom rent jump 15.5% since this time last year, making it the second fastest growing.
–London, ON tied with Kitchener and saw one bedroom rent also grow 15.5% since this time last year. Two bedrooms had a similar growth rate, jumping 14.9%.
–Ottawa, ON had the third largest one bedroom year over year rental growth rate, climbing 15.2%.
–Windsor, ON wrapped up our top cities with one bedroom rent catapulting up 14.9%. Meanwhile, two bedrooms in this city had an even more drastic growth rate, increasing 15.4%.