May 2021 Canadian Rent Report

Two-Thirds of Canadian Cities Saw Rents Grow Last Month: The Beginning of a Trend Reversal?

Overall 16 cities saw rent prices go up, 3 remained flat, and 5 had decreasing rates last month. Of the 5 markets that had declining rates, the 2 with the largest monthly dips were located on the more affordable end of the ranking. Zooming in on the top 10 most expensive cities, the majority experienced rents trending upward as well.

This shift may be signaling a start to the reversal of the 2020 rental market trends. More Canadians may be considering moving back to expensive markets, to take advantage of low prices or in preparation of life returning to what it was like pre-pandemic as more vaccines become available, which would increase prices after a year of historic decreases. As we head into the hot moving season of the summer and fall months, expensive markets especially are likely to see rent price growth as demand is likely to pick up.

Top 5 Most Expensive Markets

1. Vancouver, BC prices grew for both bedroom types last month as one-bedroom rent increased 1.6% to $1,930 and two-bedrooms moved up 2.7% to $2,670.

2. Toronto, ON saw both bedroom types increase in price as well with one-bedroom rent growing 2.3% to $1,790 and two-bedrooms inching up 0.4% to $2,310.

3. Barrie, ON moved up a spot to rank as the 3rd most expensive city with one-bedroom rent jumping 4.8% to $1,730, while two-bedrooms increased 0.6% to $1,780.

4. Burnaby, BC dropped to 4th, though one-bedroom rent stayed flat at $1,700 and two-bedrooms actually grew 2.3% to $2,250.

5. Victoria, BC remained the 5th priciest market with one-bedroom rent climbing 3.2% to $1,590 and two-bedrooms jumping 5.1% to $2,070.

Cities with The Largest Monthly Changes

Upward

–Oshawa, ON moved up a spot to rank as the 6th most expensive city with one-bedrooms jumping 4.8% to $1,520.

–Kitchener, ON saw rent climb 3%, settling at $1,390, and up 2 positions to become the 9th priciest market.

–Kingston, ON, Abbotsford, BC, Halifax, NS all saw rents grow 2.4% last month.

Downward

–Québec, QC had the largest monthly rent price decline, falling 5.1% to $750.

–Windsor, ON dropped a spot to rank as 18th with one-bedroom rent declining 4.5% to $1,050.

–Edmonton, AB saw one-bedroom rent decrease 1.1% to $900.