Submitted by PadMapper. Rents across Canada were mostly up this past month, as we saw prices fall in only seven of the top twenty-five rental markets. It appears that the recent polarization of the rental market we have seen is continuing, as rents in the top ten rental markets were mostly up, particularly in the three most expensive rental markets. It seems recent legislation in Vancouver to lower rents has not seen any impact yet, but the Canadian rent report will keep track of this in the months to come.
Top 5 Most Expensive Rental Markets
1. Vancouver, BC saw rents rise again this month, with moderate increases in the median prices for one bedrooms, up 1.1% to $1,820, and larger growth for two bedrooms, up 4.3% to $2,920.
2. Toronto, ON rents continue to climb higher and higher, as one bedrooms were up this last month by 4.4%, settling at $1,430. Two bedroom units were also up significantly, rising 3.4% to $1,820, or the median price of a one bedroom place in Vancouver.
3. Victoria, BC held its place as the third most expensive rental market in Canada again this month. The median rent for a one bedroom units was up 3.5% to $1,170 and prices for two bedroom units rose by a whopping 4.3% to $1,460.
4. Calgary, AB climbed one spot this past month, jumping past Montréal, to rank as the fourth most expensive rental market in the nation. This happened despite the fact that prices barely moved this past month, with one bedroom prices up 1% to $1,060 while two bedroom prices were up 0.8% to $1,240.
5. Montreal, QC slipped just behind Calgary into the fifth position this past month, as rents for one bedroom units were down 1.9% to $1,050 while prices for two bedroom apartments remained unchanged from last month at $1,380.
Notable Changes This October
– Oshawa, ON moved up one spot this past month to become the seventh most expensive rental market, breaking a tie with Regina. One bedroom rents were up 4.1% to $1,020, while two bedroom rents saw moderate increases, up 1.6% to $1,270.
–Barrie, ON jumped up five spots this past month, to come into a three-way tie with Kelowna and Edmonton for the tenth most expensive rental market in Canada. Prices for one bedroom apartments in Barrie were up 4.1% to $950 and two bedroom units saw increases of 3.9%.
– Windsor, ON rose four spots as rents climbed 3.9% to $800 for one bedroom units while two bedroom unit prices were down 1% to $970.
– Kelowna, BC saw rents fall sharply this past month, as prices for one bedroom units dropped by 5% to $950. Despite rising in several of the past months, rents finally seem to have hit a ceiling in Kelowna, as two bedroom units also fell as well.
–Hamilton, ON slipped three spots this past month down to the 13th most expensive rental market, erasing the median price increases that we saw last month. One bedroom units were down 1.1% to $940 but two bedroom prices were up, however, 1.8% to $1,120.
– Halifax, NS rents fell again this past month, continuing a steady decline that we have seen over the past few months. Rents for one bedroom units were down 4.3% to $880, while two bedrooms dropped by 2.5% to $1,170. Perhaps the impending cold of winter in Nova Scotia is causing rents to cool off.
Enter cities in the search box to explore the table. Data taken from active listing in October 2016.
The PadMapper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings across the country. Listings are then aggregated on a monthly basis to calculate median asking rents for the top 25 most populous metro areas, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication.