Rent Actually Went Down In These 7 Canadian Cities & It Might Be Time To Move
Have you been looking for somewhere cheaper?
Downtown Vancouver. Right: An apartment building.
If the price of rent in Canada is bumming you out, you might be surprised to know that there are some major cities across the country that have actually seen the cost of rent go down month over month.
According to the March 2022 Canadian Rent Report by Zumper, the average rent for a one-bedroom apartment has actually declined from January to February in seven different cities.
St. John's, Newfoundland, saw the largest decrease month-over-month with the median cost of a single bedroom falling 4.5% to $840. Barrie, Ontario say a hefty drop as well, with the rent going down 3.7% to $1,550. Abbotsford, B.C. saw a similar decline of 3.6% in price with a one-bedroom coming in at $1,340.
Other cities that experienced a decline in the median price of a one-bedroom in January were:
- Montreal, Quebec at $1,350 (- 2.9%)
- Ottawa, Ontario at $1,500 (-2.6%)
- Windsor, Ontario at $1,200 (-1.6%)
- Vancouver, B.C. at $2,190 (-0.5%)
Unfortunately, quite a few cities saw an increase in rent.
"More than half of the nation’s largest monthly and year-over-year rent spikes were located in the top 10 most expensive markets, signaling a return of renters to the pricier Canadian cities as COVID restrictions ease," said the report.
Kelowna saw the most significant increase with rent going up by 5.3% for a one-bedroom, which clocked in at $1,800 a month. Oshawa, Ontario also saw a pretty heft increase with rent going up by 5.2%, meaning a one-bedroom is $1,630.
Hopefully your city caught a break or will catch one soon!
This article's cover image was used for illustrative purposes only.