November 2020 Canadian Rent Report

Overall, 15 cities experienced a downward monthly rent price change, 5 upward, and 4 remained flat. As we head into the end of the year, it seems the general demand for rentals have continued to drop as the majority of the markets in this report saw prices on the decline.

Vancouver rent hits lowest point since April 2017

The 2 most expensive cities continued their descend with Toronto one-bedroom rent down another 2.4% to $2,000 and Vancouver one-bedroom rent falling 1% to $1,980. Notably, Vancouver one-bedroom rent has not been this low since April 2017 when it was $1,940!

Top 5 Most Expensive Markets

1. Toronto, ON saw one-bedroom rent drop 2.4% last month to settle at $2,000, while two-bedrooms remained flat at $2,650. On a year-over-year basis, one-bedroom rent in this city is down nearly 15%.

2. Vancouver, BC one-bedroom rent decreased 1% to $1,980, which is the lowest point it’s been since April 2017. Two-bedroom rent fell 1.5% to $2,710. Notably, two-bedroom rent in this city is down 15% since this time last year.

3. Burnaby, BC one-bedroom rent grew 3.6% to $1,720, while two-bedrooms fell 1.3% to $2,250.

4. Victoria, BC one-bedroom rent stayed stable at $1,650, while two-bedrooms dropped 3.5% to $1,910. Two-bedroom rent is up over 15% since this time last year.

5. Ottawa, ON saw one-bedroom rent decrease 0.7% to $1,490, while two-bedrooms remained flat at $1,790.

Cities with The Largest Monthly Changes

Upward

–Halifax, NS one-bedroom rent had the fastest monthly growth rate, up 4.1% to $1,280. This city also moved up 2 spots to rank as the 12th priciest.

–Burnaby, BC ranked as 3rd with one-bedroom rent growing 3.6% to $1,720.

–Oshawa, ON saw one-bedroom rent climb 2.1%, settling at $1,450, and up 2 spots to become the 6th most expensive.

Downward

–Hamilton, ON one-bedroom rent experienced the biggest monthly decline, falling 5.2% to $1,280. This city also dropped 2 rankings to become the 13th most expensive market.

–Regina, SK was the 23rd priciest city with one-bedroom rent decreasing 4.5% to $850.

–Kelowna, BC saw one-bedroom rent drop 3.3%, settling at $1,450, and down 1 spot to rank as 6th.