Rental market continues to recover
Overall, 16 cities experienced rents on an upward trend, 5 markets went downward, and 3 remained flat. The Canadian rental market seems to be recovering steadily as the trend of growing Rent prices in the majority of markets has continued from the previous 2 months.
Toronto rent drops down to rank as 4th priciest, at it’s lowest point in over 4 years
For the first time ever, Toronto fell out of the top 2 markets to rank as the 4th most expensive city. Toronto one-bedroom rent experienced the largest monthly decline in the country, dropping 5% to $1,710, which is the lowest it’s been since February 2017. Meanwhile, Burnaby and Barrie outpaced Toronto by moving up to become 2nd and 3rd, respectively.
Top 5 Most Expensive Markets
1. Vancouver, BC continued to rank as the most expensive city with both one and two-bedroom rents climbing 2.6%, settling at $2,000 and $2,800, respectively.
2. Burnaby, BC moved up a spot to rank as the 2nd priciest city, overtaking Toronto, with one-bedroom rent increasing 2.9% to $1,750. Two-bedrooms had a more moderate growth rate, inching up 0.4% to $2,280.
3. Barrie, ON jumped up a spot to become the 3rd most expensive with one-bedroom rent climbing 4.8% to $1,730, while two-bedrooms grew 4.9% to $1,920.
4. Toronto, ON dropped 2 rankings down to 4th, the first time it’s ever ranked outside of the top 2, with one-bedroom rent falling 5% to $1,710. Two-bedrooms, meanwhile, decreased 5.3% to $2,200.
5. Victoria, BC remained the 5th priciest with one-bedroom rent increasing 4.4% to $1,670, while two-bedrooms inched up 0.5% to $2,080.
Cities with The Largest Monthly Changes
Upward
–Québec, QC had the largest monthly rental growth rate, climbing 5.3% to settle at $790.
–Kitchener, ON saw rent grow 5.1% to $1,450 and rank as the 9th priciest city.
–Regina, SK moved up 1 spot to become the 22nd most expensive rental market with one-bedroom rent jumping 4.6% to $910.
Downward
–Abbotsford, BC dropped 3 spots to become 15th with rent dipping 4.5% to $1,270.
–Halifax, NS saw rent fall 3.8%, settling at $1,280, and down 2 positions to rank as the 14th priciest.
–Windsor, ON was the 18th most expensive city with rent declining 1.8% to $1,080.
Full Data
| 1 Bedroom | 2 Bedrooms | ||||||
|---|---|---|---|---|---|---|---|
| Pos. | City | Price | M/M % | Y/Y % | Price | M/M % | Y/Y % |
| 1 | Vancouver | $2,000 | 2.60% | -3.40% | $2,800 | 2.60% | -2.40% |
| 2 | Burnaby | $1,750 | 2.90% | 3.60% | $2,280 | 0.40% | -0.90% |
| 3 | Barrie | $1,730 | 4.80% | 10.90% | $1,920 | 4.90% | 18.50% |
| 4 | Toronto | $1,710 | -5.00% | -18.60% | $2,200 | -5.20% | -18.50% |
| 5 | Victoria | $1,670 | 4.40% | 4.40% | $2,080 | 0.50% | 4.50% |
| 6 | Oshawa | $1,590 | 1.30% | 15.20% | $1,640 | -0.60% | 7.90% |
| 7 | Kelowna | $1,520 | 2.70% | 5.60% | $1,890 | 5.00% | 8.00% |
| 8 | Ottawa | $1,500 | 1.40% | 3.40% | $1,800 | 2.30% | 1.10% |
| 9 | Kitchener | $1,450 | 5.10% | 5.80% | $1,670 | 4.40% | 4.40% |
| 9 | Hamilton | $1,390 | 1.50% | 0.70% | $1,700 | 0.00% | 4.90% |
| 11 | Montreal | $1,360 | -1.40% | -5.60% | $1,800 | 0.60% | 0.00% |
| 12 | Kingston | $1,330 | 0.80% | 8.10% | $1,520 | -4.40% | 2.70% |
| 12 | St Catharines | $1,300 | 0.00% | 4.00% | $1,600 | 3.20% | 10.30% |
| 14 | Halifax | $1,280 | -3.80% | 15.30% | $1,680 | -4.00% | 14.30% |
| 15 | Abbotsford | $1,270 | -4.50% | 15.50% | $1,850 | 2.80% | 15.60% |
| 16 | London | $1,260 | 0.80% | 5.90% | $1,560 | 1.30% | 12.20% |
| 17 | Calgary | $1,130 | 0.90% | 0.00% | $1,330 | -1.50% | 1.50% |
| 18 | Windsor | $1,080 | -1.80% | 14.90% | $1,350 | -3.60% | 18.40% |
| 19 | Winnipeg | $1,060 | 1.00% | 6.00% | $1,310 | 0.80% | 0.80% |
| 20 | Saskatoon | $950 | 2.20% | 4.40% | $1,090 | 1.90% | 0.00% |
| 20 | Edmonton | $930 | 0.00% | -3.10% | $1,190 | 0.80% | -4.80% |
| 22 | Regina | $910 | 4.60% | 2.20% | $1,090 | 1.90% | 1.90% |
| 23 | St John's | $880 | 0.00% | 3.50% | $960 | 1.10% | 6.70% |
| 24 | Quebec | $790 | 5.30% | -15.10% | $1,000 | -3.80% | -6.50% |
About
The Zumper Canadian Rent 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 24 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 listings. View our full methodology here.
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