Rent prices in Canada are no joke but there are a few cities in the country that are giving us a glimmer of hope as their rent prices have decreased in the last few months.
Zumper’s Canadian Rent Report is out and a handful of Canadian cities have seen their one-bedroom and two-bedroom rent prices fall. Unfortunately in some of the country’s biggest cities like Toronto, the possibility of even a slight decrease feels like a dream. We did see some prices drop earlier this month for rent in parts of Ontario like Brampton, Markham, and Vaughan.
But that’s not the case this time around for Toronto.
According to the report, Windsor, Ontario, experienced the largest rent price decline, making a drop of 2.2% to $1,360 for a one-bedroom unit. As for two-bedroom units, Abbotsford, BC, saw a drop of 5.1%, landing its average rent price at $1,850.
Other cities that saw some decrease include:
- Vancouver, BC – two-bedroom units with a 3.6% decrease (Average rent at $3,500)
- Victoria, BC – two-bedroom units with a 1% decrease (Average rent $2,000)
- Oshawa, ON – two-bedroom units drop 1% (Average rent $2,000)
- Calgary, AB – two-bedroom units drop 2.9% (Average rent $1,700)
- Montreal, QC – one-bedroom units drop 0.7% (Average rent $1,800)
- Edmonton, AB – one-bedroom drop by 1% and two-bedroom drop by 1.5% (Average $1,000 and $1,200 respectively)
- Winnipeg, MB – one-bedroom drop by 0.9% (Average $1,060)
Maybe there is some hope in the next coming months as winter approaches. And if you’re willing to relocate, these numbers may be encouraging to you.
But for now, we’ll just keep an eye on these rental price drops and keep our fingers crossed for more.