While things are finally starting to return to normal, with most of Ontario preparing to enter into Stage 3 of reopening the province’s economy on Friday, a new national rent report has revealed that the COVID-19 pandemic still continues to put downward pressure on the rental market nationally.
What’s more, the national median rental rate was $1,700 per month in June, down $50 from May 2020 and $125 from June 2019 (-6.8%).
According to the report, year-over-year, average monthly rents for one and two-bedroom units are down in Toronto, Vancouver, Calgary, Edmonton, Winnipeg, Saskatoon and Regina, while they are up annually in Montreal, Ottawa, Halifax, London, Kitchener, and Victoria.
On a local level, Toronto had the highest average monthly rent in June for a one-bedroom home at $2,063 and for a two-bedroom at $2,684. However, despite this, Toronto rents for a one-bedroom are still declining and have dropped gradually for the past four months in a row. In January, 2020, average 1-bedroom rentals hit a high-mark of $2,315, according to Rentals.ca’ February report.
But it’s not just Toronto that continues to hold high rents, as ten areas of the GTA finished in the top 12 for the most expensive rent for a one-bedroom home in Canada, with Oakville trailing in second for the most expensive rent, with a one-bedroom now averaging at $2,002 a month.
If you’re looking for the cheapest rent out there, you may want to head to Alberta, where Red Deer brought up the bottom of the list with average monthly rent for a one-bedroom at just $870 and a two-bedroom at $963.
“Tenant demand has returned to the market as lockdown restrictions end, and employers bring back furloughed employees and rehire staff,” said Matt Danison, CEO of Rentals.ca “But lost income due to COVID-19 and fear of a second wave are resulting in conservative housing choices.”
You can read the full report here.