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Canadian rent prices on the rise – Montreal ranks 4th

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Canadian rent prices – If you’ve been looking for a new apartment or condo to rent in Montreal recently, you might have encountered prices which made you blink – not because they were lower than anticipated, but rather because they were higher than imagined. Perhaps looking outside the city core, away from the trendier, popular areas might be more in line with your budget.

Although Montreal retains its ranking as having the fourth most expensive rental prices, on average it has gone up over 13% over the past year – according to a recent ‘Canadian National Rent Report’ released by PadMapper.

They state on their website that ‘the report analyzes rental data from hundreds of thousands of active listings across the country. Listings are then aggregated on a monthly basis to calculate median asking rents for the top 26 most populous metro areas, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication. Any data that is reported does not include short term or Airbnb listings’.

Overall across Canada they explain, ’16 cities saw an upward rental growth trend, 9 downward and 1 stayed flat last month. The top ten markets had a fairly stable month without any changes in the rankings until the bottom two. Notably, Toronto held on steady to its ranking as the most expensive city to rent in Canada with one bedroom rent even increasing slightly, while Vancouver saw one bedroom rent dip below $2,000 again’.

The good news – we are not number one. The bad news – we are not number twenty-six. Montreal rental prices show one and two bedroom units at an average of $1,350 and $1,660, respectively.

Here is what it basically comes down (or up) to:

TOP 5 MOST EXPENSIVE MARKETS

  1. Toronto, ON held onto its position as the most expensive city in the nation with one bedroom rent continuing to grow last month, up 2% to $2,060. Two bedrooms saw a similar trend, climbing 1.2% to $2,550.
  2. Vancouver, BC saw one bedroom rent fall below the $2,000 threshold again, decreasing 0.5% to $1,990. Two bedrooms stayed flat at $3,200.
  3. Burnaby, BC remained third with one bedroom prices increasing 0.7% to $1,440, while two bedrooms saw a 0.9% dip to $2,130. Though fairly flat on a month to month basis, both bedroom types have rents up over 15% since this time last year.
  4. Montreal, QC held onto its ranking as fourth. One bedroom rent grew 3.1% to $1,350, while two bedrooms jumped 5.1% to $1,660. One bedroom rent in this city is up over 13% since this time last year.
  5. Barrie, ON rounded off the top five list with one bedroom rent increasing 0.8% to $1,270, while two bedrooms dropped 3.1% to $1,560.

UPWARD

– St. Catharines, ON moved up two spots and back into the top ten markets, ranking as tenth, with one bedroom rent up 4.8% to $1,090 and two bedrooms increasing 2.2% to $1,390.

– London, ON climbed three spots to become the fifteenth most expensive city with one bedroom rent growing 4.8% to $1,090. Two bedrooms saw more moderate growth, up 1.8% to $1,120.

– Saskatoon, SK had the second largest one bedroom rental growth rate, climbing 5.3% to $730. This city also moved up two spots to rank as the twenty-second priciest city.

DOWNWARD

– Oshawa, ON fell two spots and out of the top ten markets, now ranking as the eleventh most expensive city. One bedroom rent decreased 0.9% to $1,060, while two bedrooms saw a nice bump, up 4% to $1,300.

– Halifax, NS dropped down three spots to become the eighteenth priciest city, tied with Regina. One bedroom rent fell 4.4% to $860, while two bedrooms saw a slight uptick, growing 0.9% to $1,110.

– Regina, SK, similar to Halifax, fell three spots to rank as eighteenth with one bedroom prices decreasing 4.4% to $860.Two bedrooms, on the other hand, remained flat at $1,150.

For once, it would be nice to come in last – as being first is not always better. You can read the full report at: https://blog.padmapper.com/canadian-rent-trends

Bonnie Wurst – info@mtltimes.ca

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