We’ve already warned you, that the average cost of rent isn’t likely to go down until new units go up.
According to a new report from Padmapper, the cost of rent went up in eight Canadian cities last month. Fortunately, the most expensive cities stayed flat.
In Toronto, the average cost of rent for one and two bedroom units held steady at $2,260 and $2,850 respectively. Toronto is still the most expensive city in the country for renters.
Vancouver is the second most expensive city with one bedroom units holding at $2,130 and two bedrooms rising 2.5 per cent to $3,230.
Breaking into the top 10, St. Catherines had the largest rental growth in January. The average cost of rent in the city ($1,200) jumped up 5.3 per cent month-over-month and 15.4 per cent year-over-year.
According to Padmapper, this is the first time the Canadian rental market has seen more stable growth rates compared to growing or declining rates. Still, the average monthly cost of rent went down in seven cities including Halifax, Regina and Edmonton.
Even with their declines, those cities still don’t have the cheapest rent. That honour goes to Windsor with an average rent of $730 for a one bedroom and $990 for a two bedroom.
See below for the full list of cities and their rental costs.