Overall, 14 cities experienced an upward trend, 4 markets went downward, and 5 remained flat. While Halifax had the largest monthly rental growth rate jumping 5.2%, St. John’s experienced the biggest decline, falling 2.4%.
With a majority of cities growing in monthly rent prices, Canada’s rental market seems to be experiencing a strong recovery. As schools, the international border, and some offices begin to reopen, a sense of business as usual has returned so rental demand has picked up, especially in some expensive cities like Vancouver where one-bedroom rent was up 5% last month.
Top 5 Most Expensive Markets
1. Vancouver, BC continued to rank as the most expensive city with one-bedroom rent growing 5% to $2,100. Two-bedroom rent had a more modest monthly growth rate, increasing 1% to $2,890.
2. Toronto, ON was second with one and two-bedroom rents priced at $1,770 and $2,260, respectively. On a year-over-year basis, both bedroom types are still down about 14%.
3. Barrie, ON saw one-bedroom rent jump 4.9% to $1,720 and rank as third. Two-bedrooms, on the other hand, decreased 1.1% to $1,830.
4. Victoria, BC held on to its position as fourth with one-bedroom rent inching up a slight 0.6% to $1,670, while two-bedrooms jumped 5% to $2,120.
5. Kelowna, BC moved up to 5th with one and two-bedroom rents priced at $1,600 and $2,080, respectively.
Cities with The Largest Monthly Changes
–Halifax, NS moved up two spots to rank as the tenth priciest city with one-bedroom rent jumping 5.2% last month, which was the largest monthly growth rate in the nation, to $1,410.
–St. Catharines, ON ranked as the ninth most expensive market with one-bedroom rent growing 5.1% to 1,430.
–Québec, QC saw one-bedroom rent climb 4.9%, settling at $860, and up two positions to become twenty-second.
–St. John’s, NL one-bedroom rent dropped 2.4%, which was the biggest monthly decline in the country, to $820 and ranked as the most affordable city.
–Oshawa, ON continued to rank as the seventh priciest, though one-bedroom rent fell 1.3% to $1,490.
–Kitchener, ON saw one-bedroom rent decrease 0.7 to $1,440 and rank as eighth.