As we move into mid-May, PadMapper reports that two-thirds of Canadian cities saw rental growth last month.
The rental site says it could be the start of a trend reversal across the country.
âThis change could signal the start of a reversal in rental market trends in 2020,â says PadMapper. “More Canadians may consider returning to expensive markets, to take advantage of low prices or to prepare to revert to what it was before the pandemic as more vaccines become available, which would increase prices after one year. historic declines. ”
The rental site believes that as we move into the hot summer season, expensive markets are likely to see rental price growth as demand is “likely to pick up.”
Overall, 16 cities saw rental prices rise, three remained stable and five saw rates falling last month.
Vancouver and Toronto remain the two most expensive rental cities in the country, with British Columbia and Ontario sharing nine of the ten most expensive rents in Canada.
Prices in Vancouver rose for both room types last month, with one-bedroom rent increasing 1.6% to $ 1,930 and two-bedroom rent increasing 2.7% to 2,670 $.
Toronto also saw the price of both room types rise, with one-bedroom rent reaching $ 1,790 and two-bedroom rent reaching $ 2,310.
Barrie moved up one spot from the April rankings and is now the 3rd most expensive city in Canada. Rent for one bedroom jumped 4.8% to $ 1,730, while rent for two bedrooms rose 0.6% to $ 1,780.
Burnaby fell in 4th place and Victoria got stuck in 5th.
Quebec City remained the cheapest rental city in the country, with one bedroom rent at $ 790 and an average of two bedrooms at $ 1,090.