The Pandemic Eliminates Nearly 4 Years of Rent Growth in Vancouver & Toronto
One-bedroom rents in Vancouver and Toronto have reached their lowest points in nearly 4 years. The last time Toronto one-bedroom rent was as low as it is in this report was in February 2017, when it was $1,700. And the last time Vancouver rent was this low was in April 2017, when it was at $1,940. It seems the continuous rent price declines from renter migration out of Canada’s two most expensive rental markets have not stopped, even as COVID-19 vaccines have begun to roll out.
Double-Digit Growth Rates in Cheaper Cities Have Tapered Off
Meanwhile, the large rent price growth rates that we saw for the less expensive cities over the past few months have tapered off, as only 4 cities experienced double-digit year-over-year spikes in this report. Though this is likely tied with seasonality, as it is the colder months now so there is overall less demand for rentals.
Top 5 Most Expensive Markets
1. Vancouver, BC continued to rank as the most expensive city with one-bedroom rent falling 0.5% to $1,940, while two-bedrooms dipped 0.8% to $2,630.
2. Toronto, ON was second with one-bedroom rent decreasing another 3.3% to $1,770, while two-bedrooms dropped 5.3% to $2,340. On a year-over-year basis, one-bedroom rent is down 23%.
3. Burnaby, BC saw one-bedroom rent increase 1.2% to $1,680, while two-bedrooms grew 1.9% to $2,190.
4. Barrie, ON moved up a spot to become the 4th priciest city with one-bedroom rent jumping 4.4% to $1,650. Two-bedrooms had more modest growth, increasing 2.9% to $1,780.
5. Victoria, BC dropped down to 5th with one-bedroom rent falling 2.5% to $1,570, while two-bedrooms decreased 0.5% to $1,990.
Cities with The Largest Monthly Changes
–Windsor, ON one-bedroom rent experienced the largest monthly growth rate in the nation, climbing 5.9% to $1,080, and ranked as the 18th priciest market.
–Kitchener, ON moved up 2 positions to become the 8th most expensive city with one-bedroom rent growing 4.4% to $1,650.
–Halifax, NS also jumped up 2 spots to rank as 12th with one-bedroom rent up 2.4% to $1,300.
–Québec, QC had the biggest monthly rental decline, falling 5.4% to $870, and also dropped a ranking to become 22nd.
–Abbotsford, BC moved down a spot to rank as 15th with one-bedroom rent decreasing 5.3% to $1,250.
–Oshawa, ON took a 3 ranking dip out of the top 10 markets to become the 11th priciest city with one-bedroom rent falling 3.6% to $1,350.