January 2021 Canadian Rent Report

Overall, 11 cities had a downward monthly rent price change, 6 upward, and 7 remained flat. The winter months tend to be the slow moving season of the year, as not many renters are moving during the holidays, and that trend is reflected in how the markets performed in this report, with nearly half of the cities experiencing falling rents.

At the top, Vancouver continued to reign as most expensive city ahead of Toronto. While Vancouver one-bedroom rent stayed flat last month, Toronto rent actually dropped another 3.7%, widening the price gap between these two cities to over $100. Toronto one-bedroom rent also had the largest year-over-year dip in the nation, down over 20%.

On the other side of the spectrum, Abbotsford and Windsor saw the largest jumps in rent since this time last year, up 26.9% and 21.4%, respectively.

Top 5 Most Expensive Markets

1. Vancouver, BC held on steadily as the most expensive market in the nation with one and two-bedroom rents priced at $1,950 and $2,650, respectively.

2. Toronto, ON was the 2nd priciest city with one-bedroom rent falling 3.7% to $1,830 and two-bedrooms decreasing 2.4% to $2,470. Notably, on a year-over-year basis, one-bedroom rent is down over 20%.  

3. Burnaby, BC ranked as 3rd with one-bedroom rent dipping 0.6% to $1,660, while two-bedrooms dropped 0.9% to $2,150.

4. Victoria, BC saw one-bedroom rent decrease 1.2% to $1,610, while two-bedrooms fell 0.5% to $2,000.

5. Barrie, ON moved up a spot and into the top 5 markets with one-bedroom rent growing 5.3% to $1,580. Two-bedrooms, meanwhile, took a 1.1% dip to $1,730.

Cities with The Largest Monthly Changes

Upward

–Abbotsford, BC jumped up 3 rankings to become the 12th priciest market with one-bedroom rent growing 4.8% to $1,320. Two-bedrooms, similarly, increased 4.7% to settle at $1,550.

–Hamilton, ON also moved up 3 spots to rank in the top 10 as 8th with one-bedroom rent climbing 4.5% to $1,400. Two-bedrooms had a more modest growth rate, increasing 1.2% to $1,690.

–London, ON was the 16th most expensive city with one-bedroom rent growing 3.4% last month to $1,230. Two-bedrooms increased 3.5% to $1,490.

Downward

–Halifax, NS dropped 3 positions to rank as the 14th priciest city and had the largest monthly rental decline in the nation, decreasing 5.2% to $1,270.

–Oshawa, ON saw one-bedroom rent fall 4.8%, settling at $1,400, and down 1 spot to become the 8th most expensive city.

–Québec, QC also dropped a spot to rank as the 21st priciest market with one-bedroom rent dipping 4.2% to $920.