May 2020 Canadian Rent Report

written by Crystal Chen

The Top Markets: Toronto rents down on all fronts for the first time ever

The 2 most expensive markets continued their downward trajectories as the effects of COVID-19 became more pronounced on rent prices. For the first time ever since we started reporting on Canadian prices, Toronto rents were down on all fronts. One-bedroom rent in this city dropped 2.2% month-over-month and year-over-year, while two-bedroom rent fell 4.1% last month and 0.7% since this time last year. Vancouver prices felt a similar downward trend as well.

The Rest of Canada: Most cities experienced flat monthly changes but many still had double-digit, year-over-year rental growth rates

Overall, 12 cities were on an upward trajectory, 7 downward, and 5 remained flat. Although half of the markets experienced monthly increases in rents, the upticks were generally small as the average change for one-bedroom rents was +0.4% last month. On a year-over-year basis, over half of the cities still had rental growth rates up in the double-digits, signaling that even though COVID-19 may be putting downward pressure on monthly prices, the Canadian market is still hot and very in demand from a long-term perspective.

Top 5 Most Expensive Markets

1.  Toronto, ON one-bedroom rent dropped 2.2% to $2,200 last month, while two-bedrooms had a more drastic decline, down 4.1% to $2,830.
2. Vancouver, BC saw one-bedroom rent fall 2.3% to $2,100, while two-bedrooms remained flat at $3,000.
3. Burnaby, BC one and two-bedroom prices settled at $1,770 and $2,330, respectively. Notably, on a year-over-year basis, one-bedroom rent here has climbed 12.7%.
4. Victoria, BC rents remained stable last month with one-bedrooms priced at $1,600 and two-bedrooms at $2,000. However, rents for both bedroom types have jumped over 15% since this time last year.
5. Barrie, ON climbed back into the top 5, pushing Montréal down a spot, with one-bedroom rent growing 4.8%, which was the largest monthly growth rate in the top 10 markets, to $1,530. Two-bedrooms, on the other had, dropped 5.2% to $1,640.

Cities with The Largest Monthly Changes

Upward

–Québec, QC one-bedroom rent ranked as the 23rd most expensive and experienced the largest monthly growth rate in the nation, climbing 4.9% to $850. Two-bedroom rent here had a more modest bump, increasing 1% to $1,040.

–Windsor, ON moved up 2 spots to become the 20th priciest city with one-bedroom rent jumping 4.6% to $910. Notably, two-bedroom rent here is up over 15% since this time last year.

–Hamilton, ON saw one-bedroom rent climb 3%, settling at $1,380, and up 1 position to rank as the 10th most expensive market. Two-bedroom rent increased 3.1% to $1,640.

Downward

–Montréal, QC dropped out of the top 5 markets to rank as the 6th most expensive city with one-bedroom rent falling 5.2%, which was the biggest monthly rental decline in the country, to $1,470. Two-bedrooms decreased 2.6% to $1,850.

–Saskatoon, SK took a 2 ranking dip to 22nd with one-bedroom rent dropping 3.3% to $870 and two-bedroom rent declining 1.9% to $1,030.

–Halifax, NS was the 15th most expensive city with one-bedroom rent decreasing 2.6% to $1,110.