December 2020 Canadian Rent Report

Overall, 9 cities experienced a downward monthly rent price change, 12 upward, and 3 remained flat.

Vancouver overtakes Toronto as the most expensive city

While Toronto one-bedroom rent dropped 5% to $1,900 last month, Vancouver one-bedroom rent slightly dipped 1.5% to $1,950, crowning Vancouver as the new priciest city in Canada.

Top 5 Most Expensive Markets

1. Vancouver, BC moved up a spot to become the most expensive city in the nation with one-bedroom rent priced at $1,950. On a year-over-year basis, both one and two-bedroom rents are down over 11%.

2. Toronto, ON was dethroned as the priciest market with one-bedroom rent falling 5% to $1,900. Notably, one-bedroom rent in this city has fallen over 17% since this time last year.

3. Burnaby, BC continued to rank as 3rd though one-bedroom rent dropped 2.9% to $1,670.

4. Victoria, BC was the 4th priciest market with one-bedroom rent decreasing 1.2% to$1,630.

5. Kelowna, BC jumped up one position to become the 5th most expensive with one-bedroom rent climbing 4.1% to $1,510. On a year-over-year basis, one-bedroom rent is up nearly 12%.

Cities with The Largest Monthly Changes

Upward

–Windsor, ON one-bedroom rent had the largest monthly growth rate in the nation, climbing 5.3% to $1,000.

–Abbotsford, BC moved up one spot to become the 15th priciest city with one-bedroom rent increasing 5% to $1,260.

–Hamilton, ON & Halifax, NS one-bedroom rents both jumped 4.7% last month, both settling at medians of $1,340.

Downward

–Ottawa, ON saw one-bedroom rent drop 4.7%, settling at $1,420, and fall down 3 spots to become the 8th priciest.

–London, ON took a 1 ranking dip to 16th with one-bedroom rent decreasing 2.5% to $1,190.

–Kitchener, ON moved down a position to rank as the 10th most expensive city with one-bedroom rent declining 2.2% to $1,350.