Summer seems to have slowed down the growth of rent rates across Canada.
In Padmapper’s latest rent report, the top five cities with the highest rates stayed relatively the same compared to last month. Toronto, once again, came out on top, but dropped its one-bedroom rates by a mere 0.9 per cent. A one-bed unit now costs $2,230, while prices for a two bedroom remained flat at $2,850.
Vancouver came in second and had the biggest month-over-month increase out of the top five cities at 3.8 per cent. A one-bed unit now goes for $2,210.
Barrie is the only city who climbed up one spot in the top five, bumping Montreal down to fifth place. A one bedroom in the Ontario city increased by $10 in June. It now costs $1,450, while the same unit goes for $1,430 in Montreal.
What’s interesting, however, is that Montreal experienced one of the biggest year-over-year increases in June. Rates in the city grew by 14.4 per cent compared to rates in June 2018.
But Montreal isn’t the only city that had double digit growth. Windsor and St. Catherines saw the biggest yearly increase of all cities, growing by 15.3 and 15 per cent, respectively. A one bedroom in Windsor now has a price tag of $830, while it costs $1,230 in St. Catherines.
“About a third of the cities experienced double digit year over year growth rates, showing the demand still present in these markets,” Padmapper noted.
Overall, half of the cities in the report had flat prices month over month, while nine saw an upward trend and three saw a decline.
Montreal and Edmonton are the two other cities who saw a decrease in rent month over month in addition to Toronto. The former decreased by 2.7 per cent, while the latter dropped by 2.1.
Quebec City and St. John’s are now tied for the lowest rental rates in Canada. Both their prices in June remained flat at $810.
Windsor, Saskatoon, and Regina round out the top five cities with the cheapest rent. A one bedroom in these cities cost $830, $900, and $930, respectively.