Toronto and Vancouver experienced another month of record declines
Toronto and Vancouver rents hit another record month of declines. Toronto one and two-bedroom prices are down 8.3% and 5.3%, respectively, since this time last year. Meanwhile, Vancouver’s one-bedroom rent has fallen 5.9% and two-bedroom rent has even dropped into the double digits with a 10.3% year-over-year dip.
Demand for rentals show some rebound heading into summer, though renter priorities have shifted away from big, pricey cities
Overall, 9 cities were on an upward trajectory last month, 9 downward, and 6 remained flat. As Canada begins to reopen and people start thinking about their moves again, more cities than in previous months showed increases in monthly rent changes. As the pandemic persists on and working from home has become the new normal, it seems the demand for rentals has shifted away from the most pricey areas, like Toronto and Vancouver, and a significant amount of that demand is moving toward neighboring, less expensive areas, like Barrie and Burnaby (both with rents up 7.6% since this time last year). Renters are now prioritizing affordability and space over paying more for big city amenities, most of which they can’t use currently.
Top 5 Most Expensive Markets
- Toronto, ON saw one-bedroom rent drop 3.7% to $2,100 last month, while two-bedrooms dipped 3.6% to $2,700. One-bedroom rent hit another year-over-year record decline, falling 8.3%.
- Vancouver, BC also had another downward month with one-bedroom rent decreasing 1.4% to $2,070, while two-bedrooms dropped 4.3% to $2,870. Two-bedroom rent in this city is down in the double-digits since this time last year.
- Burnaby, BC was third with one-bedroom rent falling 3.4% to $1,690, while two-bedrooms remained flat at $2,300.
- Victoria, BC one and two-bedroom rents settled at $1,600 and $1,990, respectively. Notably, on a year-over-year basis, one-bedroom rent in this city is up 15.1%.
- Barrie, ON rounded off our top markets with one-bedroom rent growing 4.7% to $1,560, while two-bedrooms increased 1.9% to $1,620.
Cities with The Largest Monthly Changes
–Québec, QC moved up one spot to become the 21st priciest city with one-bedroom rent jumping 4.5% to $930, while two-bedrooms increased 3.9% to $1,070.
–Saskatoon, SK saw one-bedroom rent climb 3.4%, settling at $910, and up one position to rank as the 22nd most expensive market. Two-bedroom rent had an even larger growth rate, increasing 4.8% to $1,090.
–Calgary, AB bumped up one ranking to 15th with one-bedroom rent growing 2.7% to $1,130.
–Windsor, ON moved down a spot to rank as the 20th priciest with one-bedroom rent falling 2.1% to $940.
–Kelowna, BC dropped one ranking to become 8th with one-bedroom rent decreasing 1.4% to $1,420.
–St. John’s, NL, though remaining as the 24th most expensive city, saw one-bedroom rent dip 1.2% to $850 and two-bedroom rent fall 1.1% to $900