February 2020 Canadian Rent Report

Wirtten by  Crystal Chen

Overall 10 cities experienced an upward trend last month, 5 downward, and 9 remained flat. The top 10 markets were relatively stable with some movement in the middle but no new cities entering or leaving. Meanwhile, on a year-over-year basis, half of the cities had double digit rental growth rates, signaling a hot market that will most likely continue to grow as we enter into the spring months. In terms of monthly changes, Victoria one-bedroom rent had the largest growth rate, up 5.3%, while Barrie experienced the biggest dip, down 5.2%.

Top 5 Most Expensive Markets

1.  Toronto, ON was the most expensive city with one bedrooms remaining flat at $2,300 and two bedrooms increasing 1% to $2,980.
2. Vancouver, BC one bedroom rent ranked as the second priciest at $2,150. Two bedrooms dropped 0.3% to settle at $2,990.
3. Burnaby, BC saw one bedroom rent grow 1.7% to $1,760 and two bedrooms remain stable at $2,350. Notably, on a year-over-year basis, one bedroom rent is up over 12%.
4. Victoria, BC moved up 2 spots, and into the top 5 markets, to become the 4th most expensive city. One bedroom rent jumped 5.3%, which was the largest monthly rental growth rate in the nation, to $1,590, while two bedrooms grew 4.9% to $1,920.
5. Montréal, QC dropped 1 position to rank as 5th with one bedroom rent falling 3.2% to $1,500 and two bedrooms decreasing 1.5% to $1,910.

Cities with The Largest Monthly Changes

Upward

–Abbotsford, BC ranked as the 17th most expensive city with one bedroom rent jumping 4.8% to $1,090.

–London, ON saw one bedroom rent climb 3.4%, settling at $1,220, and up 2 positions to rank as the 13th priciest.

–Saskatoon, SK moved up 2 spots to become 20th with one bedroom rent increasing 3.4% to $910. Two bedrooms had an even larger growth rate, up 4.9% to $1,070.

Downward

–Barrie, ON fell 1 position, and out of the top 5 markets, to rank as the 6th most expensive city. One bedroom rent dropped 5.2%, which was the largest monthly rental decline in the nation, to $1,450.

–Halifax, NS moved down 1 spot to become 15th with one bedroom rent decreasing 5% to $1,140.

–Québec, QC took a 2 ranking dip to 22nd with one bedroom rent dropping 4.3% to $890. Two bedrooms had an even larger decline, falling 5% to $1,140.