Yahoo Finance Vancouver is still the most expensive city to rent in right now
The price for a one-bedroom apartment rental in many of Canada’s most populous cities went up this month, although not as dramatically as home sale prices.
In rental listing website PadMapper’s monthly Canadian Rent Report, 25 Canadian cities were analyzed based on the average rates for one bedroom and two bedroom apartments.
Interestingly, prices remained largely unchanged in Canada’s most expensive rental market, Vancouver, B.C. The price for a one-bedroom apartment stayed at $1,900, while the price of a two-bedroom rose slightly by 2.2 per cent to $3,200.
In Toronto, prices were up slightly, but not as dramatically as may have been feared. Earlier this month, a report from real estate consulting firm Urbanation showed that while there were some high-profile cases of tenants seeing their rent double, most condo renters actually saw a drop in the average rental price of a condo unit. In a month-to-month comparison, April rental rates in Toronto are up 4.7 per cent for a one-bedroom apartment to $1,780, and 5.1 per cent for a two-bedroom unit to $2,270.
PadMapper notes in its report that some of the most surprising gains were in Kelowna, B.C. and Kingston, Ont. Both cities saw the average rental price for a one-bedroom apartment creep up to over $1,000.
The news is better for residents of several other cities, however, where rental prices are actually declining. Both one bedroom and two bedroom apartments saw a decline in Montreal. It’s still a far cry from the low rents Montrealers saw last year, however: in June 2016, it was just $950 for a one-bedroom in Montreal. Now, the average price is $1,200.
Check out the full breakdown in their list of cities below.
