Once again, British Columbia and Ontario are the most expensive provinces to rent a room, or rooms, in Canada.
However, Canada’s most expensive rental markets in Toronto and Vancouver continue to report a downward trajectory in prices.
Toronto’s one and two-bedroom prices are down 10% and 12%, respectively, since this time last year.
Meanwhile, Vancouver’s one-bedroom rent has fallen 9.1% and two-bedroom rent has even dropped into the double digits with a 14% year-over-year dip.
Abbotsford, Halifax and Quebec City all trended upwards in month over month prices, with Abbotsford seeing the largest jump at 5.5%.
The cities with the largest downward trends for September were Barrie, St. John’s and London, which all saw one-bedroom rental prices drop more than 3%.
“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,” reads PadMapper’s report.
“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.”
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