Rents fall in Canada’s priciest cities – even in Metro Vancouver

A decline in Toronto’s rental prices may have put Vancouver back on top as Canada’s priciest city for one-bedroom rents, but prices have declined in all the top five most expensive rental cities.

A monthly analysis of prices by rental website Padmapper found one-bedroom rents in Vancouver proper holding firm at a median $2,000 – the same as two months ago and very slightly more than last month. But two-bedroom units in the city fell 1.6 per cent – although that only reduces the median rent to a still-astronomical $3,150.

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Toronto’s larger decreases in rent prices dropped the city into second place in the price rankings, with a 4.4 per cent slide in one bedroom prices to a median of $1,970, and two bedrooms dropping 2 per cent to $2,500.

Burnaby retained its third place among Canada’s most expensive rental cities, but also saw price declines, with one bedrooms dropping 1.4 per cent to $1,420 and two bedrooms falling 4.2 per cent to $2,040.

Montréal, Québec and Barrie, Ontario remained the fourth and fifth most expensive cities for rental prices, and both cities saw declines in one- and two-bedroom rents.

Vancouver was the only one of the top five priciest cities not to see a decrease in one-bedroom rental prices.

Check out Padmapper’s report infographic with the remaining top 10 most-expensive cities for one-bedroom rents, above.

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