If you were hoping the cost of rent dropped in Toronto this month, we’re sorry to say it hasn’t. The good news is, it also hasn’t risen.
According to Padmapper, the ranking for Canada’s top five priciest markets remained unchanged despite some minor drops in month-over-month prices.
The priciest Canadain city for rent continues to be Toronto with the average one bedroom unit costing approximately $2,270. Two bedrooms in Toronto average $2,850.
Vancouver is the second most expensive city for renters with one-bedrooms averaging $2,080 and two bedrooms averaging $3,280. Month-over-month, the average cost of a one bedroom apartment in Vancouver dropped 2.3 per cent. In Burnaby, the average monthly cost of a two bedroom unit dropped 1.7 per cent.
Montreal and Victoria remained flat across the board with one bedroom units averaging $1,500 and $1,390 respectively. Two bedroom units in Montreal and Victoria cost $1,780 and $1,670 respectively.
Overall, nine cities remained flat, another nine saw an upwards trend and six saw a downward trend. Padmapper says the flat trend is reflective of the slow moving season.
With the largest year-over-year growth, Hamilton broke into the top 10 cities list with two bedroom apartments up 15.5 per cent.
Other cities who showed an upward trend included London, Edmonton and Regina.