April has been the most stable month for rent across Canada so far this year, according to the latest rent report from Padmapper.
Although Toronto is still the most expensive rental market with a price tag of $2,260 for a one-bedroom unit and $2,850 for a two-bedroom unit, these numbers remain flat from March.
The same goes for Vancouver, which ranks second for the most expensive rent in Canada. A one-bedroom in the West Coast city remained fixed at $2,100. Two bedroom units, however, saw a slight drop, going from $3,260 in March to $3,100 in April.
Burnaby, Montreal, and Victoria rounded out the top 5 highest rental markets with one bedroom units going for $1,570, $1,470, and $1,390, respectively.
Of the 24 cities in Padmapper’s report, 17 rents remained fixed from March, while four saw an upward trend and three experienced a drop in prices.
Windsor and Edmonton saw the largest national growth rate, but both rents still remain below the $1,000 mark. Rent for a one bedroom in Windsor jumped 5.6 per cent to $760, while rent in Edmonton rose by 4.4 per cent to $950.
Calgary, Winnipeg, and Montreal are the three cities who saw a downward trend in April, but the drops weren’t enough to make a huge impact. The city that saw the biggest decrease in prices was Calgary, dropping a mere 2.7 per cent for a one bedroom and 2.3 per cent for a two bedroom.
The price for a one-bed unit and two-bed unit in Calgary now sits at $1,070 and $1,290, respectively.
Although Padmapper’s report uses data from the listings on its site, its findings coincide with another national rent report by Rentals.ca and Bullpen Research & Consulting.
The latter report, which based its data on March numbers on Rentals.ca listings, similarly found that Toronto was the most expensive city to rent. They pegged a one bedroom at $2,254 and a two bedroom at $2,724.