Overall, 15 cities experienced an upward trend last month, 4 downward, and 5 remained stable. Canada saw over half of all cities experiencing double digit, year-over-year growth rates along with many cities with large, 4% – 5%+ monthly growth rates as well. Continuing to emphasize the incredibly hot market right now, even the monthly declines were small, with the most significant in Edmonton of just -1.8%.
Zooming in, the 3 cities with the largest monthly one bedroom rental growth rates, all above 5%, were in Ontario, signaling an incredibly high demand present in this province.
Top 5 Most Expensive Markets
- Toronto, ON one bedroom rent remained flat at $2,300, while two bedrooms increased 0.3% to $3,000.
- Vancouver, BC saw one bedroom rent drop 1.4% to $2,170, while two bedrooms grew 0.9% to $3,230.
- Burnaby, BC had the largest monthly one bedroom rental growth rate in the top 5 markets, up 4.8% to $1,730. Two bedrooms increased 1.3% to $2,300.
- Montréal, QC one bedroom rent increased 2.7% to $1,540, while two bedrooms had a more drastic growth rate, climbing 5% to $1,890.
- Victoria, BC rounded off the top 5 markets with one bedroom rent jumping 3.6% to $1,450 and two bedrooms staying flat at $1,720. Notably, on a year over year basis, one bedroom rent is up 16%.
–Kingston, ON one bedroom rent moved up 1 spot to rank as the 13th most expensive city and had the largest monthly growth rate in the nation, up 5.4% to $1,170. Two bedrooms experienced more modest growth, increasing 2.7% to $1,500.
–Ottawa, ON saw one bedroom climb 5.3%, settling at $1,380, and up one position to become the 7th priciest city. Two bedrooms grew 4.9% to $1,710.
–Oshawa, ON was also bumped up a ranking to 11th with one bedroom rent jumping 5.1% to $1,240 and two bedrooms increasing 1.4% to $1,450.
–Calgary, AB dropped one spot to rank as the 14th most expensive city with one bedroom rent falling 1.8% to $1,120 and two bedrooms decreasing 2.1% to $1,370.
–Edmonton, AB was the 19th priciest city with one bedroom rent declining 1.1% to $940 and two bedrooms dropping 1.7% to $1,180.
–Windsor, ON dipped one spot to become 23rd with one bedroom rent decreasing 1.2% to $850.