Submitted by Chrystal Chen. We at PadMapper have just released our latest Canadian National Rent Report for August. The report analyzed hundreds of thousands of listings this July to examine rent prices across the 25 largest cities in the country.
– This month, Abbotsford ranked as the 20th most expensive city to rent in Canada.
– The price of one bedroom units remained flat to a median of $800, while two bedroom units decreased 4.8% to $1,095.
Top 5 Most Expensive Rental Markets
1. Vancouver, BC saw the median one bedroom rent drop -2.3% to $1,700 and the median two bedroom rent decline -1.1% to $2,700. Despite this decrease in prices, Vancouver continues to be the most expensive rental market in Canada by a wide margin.
2. Toronto, ON rents slightly softened this July, with one bedroom prices decreasing -1.5% to $1,330. Two bedroom prices stayed steady at $1,720.
3. Calgary, AB maintained its position as the third most expensive city for Canadian renters, despite a -2.7% and -3.7% decrease in one and two bedroom rents, respectively. One bedrooms commanded a median price of $1,080, while two bedrooms cost $1,290.
4. Victoria, BC came in just behind Calgary due to the slightly lower median one bedroom price of $1,070. However, the gap between the two cities has narrowed, with only a mild -0.5% decline in one bedroom prices and zero change in two bedroom prices in Victoria.
5. Ottawa, ON two bedrooms grew 1.6% to command a median price of $1,300. After months of fluctuation, median one bedroom prices appear to have stabilized at $1,040.
Notable Changes Since Last Month
– Halifax, NS made it into the top ten of our rankings for the very first time, as the median price of one and two bedroom units increased 3.3% and 4.5%, respectively.
– Oshawa, ON overtook nearby St. Catharines to become the 13th most expensive rental market in Canada, after one bedroom prices increased 2.2% to $910 and two bedrooms increased 2.5% to $1,210.
– Montreal, QC saw median one bedroom rents jump 4.2% to $1,000 and median two bedroom rents grow 2.4% to $1,280, propelling it up 2 spots in our rankings.
– Edmonton, AB saw simultaneous declines in the median price of both one and two bedroom units. One bedrooms dropped -3.0% to $980, while two bedrooms dropped -3.2% to $1,210.
– Saskatoon, SK slipped to 18th place in our rankings, as rents decreased -1.1% and -3.6% for one and two bedroom units, respectively.
– Abbotsford, BC two bedrooms dropped -4.8%, settling at a median price of $1,095.
The PadMapper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings across the country on PadMapper. 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.
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Enter cities in the search box to explore the table. All data taken from every active listing in July 2016.