September 2019 Canadian Rent Report

Overall, 11 cities experienced an upward trend last month, 6 downward, and 7 remained stable. More markets have started to pick up in this report than the previous months as nearly half of the total cities experienced monthly rental growth and around 10 cities had double digit year over year growth.

Meanwhile, on the top, our 2 most expensive cities both had flat months in terms of one bedrooms, with Toronto one bedroom rent staying firmly at $2,300 and Vancouver at $2,200. There were some adjustments in the top 10 but the list essentially stayed the same as no city from the previous report dropped out of or moved into the top 10 markets. Victoria did, however, climb one spot and into the top 5 as 5th.

Meanwhile, Abbotsford had the largest one bedroom rental growth rate in the nation last month, up 5.3%, while London rent took the biggest dip, down 2.9%.

Top 5 Most Expensive Markets

1.  Toronto, ON remained the most expensive city with one bedroom rent staying flat at $2,300. Meanwhile, two bedrooms jumped 4.9% to $2,990.
2. Vancouver, BC one bedroom rent stayed flat at $2,200 while two bedrooms grew 3.6% to $3,200.
3. Burnaby, BC had the largest one bedroom monthly rental growth rate in the top 10 markets, up 5.1% and settling at $1,650. Two bedrooms, on the other hand, saw a 0.4% dip to $2,270.
4. Montréal, QC moved up one spot to become the 4th priciest city with one bedroom rent jumping 4.9% to $1,500 and two bedrooms growing 5.3% to $1,800.
5. Barrie, ON dropped one spot to rank as 5th with one bedroom rent decreasing 3.4% to $1,400 and two bedrooms falling 5.2% to $1,470. Victoria, BC climbed one spot to become tied with Barrie as 5th with one bedroom rent increasing 0.7% to $1,400.

Upward

–Abbotsford, BC, moving up one spot to become 17th, saw one bedroom rent grow the fastest in the nation, up 5.3% to $1,000. Two bedrooms had an even larger growth rate, jumping 5.5% to $1,160.

–Halifax, NS one bedroom rent climbed 5.2%, settling at $1,010, and up one spot to rank as the 16th most expensive. Two bedrooms grew 4.7% to $1,330.

–Windsor, ON one bedroom rent jumped 4.9% to $850, while two bedrooms grew 5.1% to $1,040. Notably, on a year over year basis, one bedroom rent in this city is up 14.7%.

Downward

–London, ON dropped one spot to become the 15th priciest city with one bedroom rent decreasing 2.9% to $1,020.

–St. John’s, NL moved down one spot to rank as the most affordable city in the nation with one bedroom rent declining 2.5% to $790 and two bedrooms dropping 4.5% to $850.

–Kitchener, ON took a two ranking dip to 9th with one bedroom rent falling 2.3% to $1,280.