PadMapper have just released their latest October Canadian National Rent Report. The report analyzed hundreds of thousands of listings this September to examine rent prices across the 25 largest cities in the country.
The numbers show Victoria ranked as the 3rd most expensive city to rent in Canada this month. The price of one bedroom units jumped 4.6% to a median of $1,130, while two bedroom units increased 4.5% to $1,400.
According to the report, “The overall trend in Canada this past month appears to be moderate to significant increases in rent prices across the nation.”
Top 5 Most Expensive Rental Markets
1. Vancouver, BC saw rents take off again this month, as two bedrooms rose by 4.5% to $2,800 and one bedroom units increased by 2.9% to $1,800.
2. Toronto, ON one bedroom units rose significantly this past month, up 4.6% to $1,370, and the two bedroom units saw even greater increases as the median price rose 4.8% to $1,760.
3. Victoria, BC held its place as the third most expensive rental market in Canada, as rents for one bedroom units were up 4.6% to $1,130 and prices for two bedroom units settled at $1,380, an increase of 4.5% from the prior month.
4. Montreal, QC became the fourth most expensive city for Canadian renters after another month of rising prices. Specifically, one bedroom units grew 3.9% to a median price of $1,070 and two bedrooms grew 4.5% to $1,380.
5. Calgary, AB continued to slide down our list of most expensive rental markets, thanks to the -0.9% and -2.4% decrease in the median price of one and two bedroom units, respectively. Despite this, the city still commands $1,050 for a one bedroom and $1,230 for a two bedroom apartment.
