The cost of rent in Toronto dropped slightly, according to the latest rental report from Padmapper.
Toronto is still the most expensive rental market despite the average cost of a one bedroom falling 0.4 per cent MoM to $2,260. Two bedroom rentals in the city remained flat at $2,850.
Across the country, five cities saw an upward trend in rental prices. Eight cities trended downwards and 11 remained flat.
In Vancouver, the second most expensive rental market, the price of a one bedroom grew 1 per cent to $2,100, while the cost of a two-bedroom unit dropped 0.6 per cent to $3,260.
Burnaby continues to hold the third spot with one and two bedroom prices remaining flat at $1,570 and $2,240, respectively.
New to the top 10 list this month is Kitchener, which tied for 9th with Oshawa and Hamilton. Kitchener saw the largest monthly growth rate with the cost of a one bedroom jumping 4.3 per cent to $1,200. Hamilton and Barrie also saw significant MoM growth with rent climbing 3.4 and 2.3 per cent, respectively.
On the flip side, Quebec City saw the most significant drop in prices with rent on a one bedroom falling 5.8 per cent to $810. Rent for two bedrooms in Quebec City also dropped by 4.7 per cent to $1,010.
Saskatoon and Edmonton also felt a noticeable dip in rental prices with one bedroom units now going for $800 and $910 in each city.
Windsor continues to be Canada’s least expensive rental market with the average one bedroom going for $720 and two bedrooms going for $990.