Apartment rent prices keep dropping in many Canadian cities
Rent prices for apartments across Canada continue to drop in many major Canadian cities, according to a new report.
Padmapper.com's June report shows that 80 per cent of Canadian cities have seen a flat or negative monthly rent price change for one bedroom apartments.
"Overall, only 5 cities were on an upward trajectory last month, 11 downward and 8 remained flat," it said.
"As many renters nationwide suffered financial setbacks from the pandemic, rents throughout Canada have been faced with downward pressure post-COVID and this will only continue in the coming months."
The report shows that Toronto remains the top most expensive market, with one bedrooms continuing to see a decrease for the third month in a row. This month, rent for one bedrooms dropped by 0.9 per cent and two-bedrooms went down 1.1 per cent.
"Toronto rents, similar to last month, continued the trend of being down on all fronts with one-bedroom rent falling another $20 to $2,180 and two-bedrooms decreasing another $30 to $2,800," the report reads.
Vancouver is right behind Toronto with rent prices staying flat for both one ($2,100) and two bedrooms ($3,000), but the latter dropped 5 per cent in June on a year-over-year basis.
Burnaby ($1,750/$2,300), Victoria ($1,600/$2,000) and Barrie ($1,490/$1,590) round out the top five most expensive rental markets in Canada right now.
Windsor ($960), Quebec ($890) and St. John's ($860) all saw some of the biggest upward trends, with jumps between 3 to 5 per cent for one bedroom apartments and as much as 15 per cent for two-bedrooms.
On the downward scale, London ($1,160), Kitchener ($1,350) and Hamilton ($1,350) saw the biggest price drops for one bedrooms.
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