Rent... going... down?
The price of rent in Canada might be taking a toll on your wallet, but there are a handful of cities across the country that have actually caught a break and have seen the cost go down month over month.
According to the February 2022 Canadian Rent Report by Zumper, the average rent for a one-bedroom apartment has actually declined from December to January in eight different cities.
Victoria, B.C. saw the largest decrease month-over-month with the median cost of a single bedroom falling 4.9% to $1,750. Oshawa, Ontario also saw a nice drop with rent decreasing 2.5% to cost just $1,550. Abbotsford, B.C. saw a similar decline of 2.1% in price with a one-bedroom coming in at $1,390.
Other cities that experienced a decline in the median price of a one-bedroom in January were:
- Saskatoon, Saskatchewan at $980 (-1%)
- Kingston, Ontario at $1,320 (-0.80%)
- Kitchener, Ontario at $1,460 (-0.70%)
- Barrie, Ontario at $1,610 (-0.60%)
- Toronto at $1,840 (-0.50%)
Of the 23 cities listed in the report, four spots remained flat month-over-month for a one-bedroom apartment: Halifax; Hamilton, Ontario; London, Ontario; and Regina all saw no change.
In terms of increases, quite a few cities experienced an upward trend.
"In the top markets, Vancouver rent continued to climb, settling at $2,200, which is a high it has not reached since early 2021," the report read.
Kelowna also saw a significant increase with rent increasing by 4.9% for a one-bedroom, which clocked in at $1,710 a month. Quebec City also saw a pretty heft increase with rent going up by 4.6% meaning a one-bedroom is about $910.
So if you're a renter, fingers crossed that your city will catch a break in the next report!
This article’s cover image was used for illustrative purposes only.
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