Although there have been signs pointing to a cooling housing market, Canada’s rental markets have never been hotter as the majority of metro areas went up in monthly value in July, according to the Zumper Canadian Rent Report.
Looking into 23 of the most populous metros, Zumper.com found that 18 metro areas experienced a monthly increase in rent, five experienced a decrease and one remained flat in pricing.
The most expensive markets aren’t too surprising: Vancouver continues to top the list as one-bedroom rent climbed 2.7% to $2,300, while two-bedroom rent remained flat at $3,300.
Next is Toronto, hitting a two-year high with one-bedroom rent at $2,100 and two-bedroom rent at $2,700. Burnaby comes in as the third most expensive, with one-bedroom rent at $2,060 and two-bedroom rent at $2,750.
“The majority of the priciest markets, besides Toronto, have either hit or surpassed their respective pre-pandemic rent prices, which shows that the mounting demand for rentals has not been met with enough supply in many markets,” Zumper said.
Zumper added that the upward trend is expected to continue as employment and interest rates soar amid the “summer moving season.”
Windsor, Quebec and St. Catharines experienced the largest monthly changes in rent price as the 17th, 20th and 11th most expensive cities, respectively. In particular, Windsor saw a 6.3% jump to $1,350 for one-bedroom rent, Quebec a 6% jump to $1,060 and St. Catherines a 5.4% jump to $1,550.
Similarly, Quebec and Windsor take the lead for the largest year-on-year growth, along with Halifax in third place.
The three markets to note a slip in rent prices are Abbotsford, Kelowna and Barrie, falling 6% to $1,400, 5.7% to $1,650 and 5.1% to $1,670, respectively. Meanwhile, Saskatoon is the lone area to remain flat in its monthly one-bedroom rent at $990.
Maziar Moini, Broker of Record - Home Leader Realty Inc.
300 Richmond St. W., #300, Toronto, ON M5V-1X2
