September 2020 Canadian Rent Report

Overall, 12 cities were on an upward trajectory last month, 9 downward, and 3 remained flat.

The 2 most expensive markets continued to hit record dips in prices. While Toronto one and two-bedroom rents were down 10% and 12%, respectively, since this time last year, Vancouver one and two-bedroom rents have fallen 9.1% and 14.1%, respectively. Notably, the only other city in this report that had rents down on all fronts was Montréal, though this market’s declines were much less drastic.

The rest of Canada seems to be steadily recovering from the sudden halt in rental demand during the pandemic as half of the total cities saw rents grow on a monthly basis in this report. As Canada continues to reopen, the desire to move away from pricey cities is becoming more and more apparent.

1.  Toronto, ON rents continued their downward trajectories last month with one-bedroom rent decreasing another 1.4% to $2,070, while two-bedrooms dropped 0.8% to $2,630. On a year-over-year basis, both bedroom types have fallen in the double digits.
2. Vancouver, BC experienced a similar month to Toronto’s with one-bedroom rent in this city declining 2.9% to $2,000, while two-bedrooms took a 1.8% dip to $2,750. Notably, two-bedroom rents are down 14.1% since this time last year.
3. Burnaby, BC remained as the 3rd priciest city and had a fairly flat month with one-bedroom rent decreasing 0.6% to $1,700, while two-bedrooms dropped 0.4% to $2,290.
4. Victoria, BC moved up a spot to become 4th with one-bedroom rent increasing 1.3% to $1,610, while two-bedrooms remained flat at $1,990. Both one and two-bedroom prices are up at least 15% since this time last year.
5. Barrie, ON fell down one position to rank as the 5th most expensive market with one-bedroom rent dropping 4.9% to $1,560.

Cities with The Largest Monthly Changes

Upward

–Abbotsford, BC one-bedroom rent climbed 5.5%, settling at $1,160, and up a spot to become the 16th most expensive. Two-bedroom rent was on an upward trajectory as well, growing 4.7% to $1,330.

–Halifax, NS bumped up 2 positions to rank as the 14th priciest market with one-bedroom rent jumping 5.4% to $1,170, while two-bedrooms increased 4.8% to $1,540.

–Québec, QS ranked as 21st with both one and two-bedroom prices climbing 5.4% to settle at $980 and $1,180, respectively.

Downward

–Barrie, ON dropped to the 5th priciest market and experienced the largest monthly rental decline in the nation with one-bedrooms falling 4.9% to $1,560.

–St. John’s, NL remained the 24th most expensive city but saw one-bedroom rent dip 3.6% $810.

–London, ON ranked as 14th with one-bedroom rent dropping 3.3% to $1,170.