Rent In Canada Is Going Down & Even The Most Expensive Cities Are Cheaper Now

It looks like big-city living isn't so out of reach anymore! That's because some of the most expensive markets in Canada are seeing the cheapest rent in years.

In fact, two of the most costly cities in the country, Toronto and Vancouver, hit a record low in terms of rent, which has not been seen since 2017, according to PadMapper's March 2021 Canadian report.

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Per the report, nine cities saw prices rise, six stayed the same, and nine had lower rates.

Although the two cities still top the charts in the country, it is still seeing a major shift at the moment. The average cost of a one-bedroom in Vancouver is now $1,900, while a one-bedroom in Toronto is now $1,750.

Four of the top five most expensive markets in Canada actually saw a decrease for one-bedroom apartments, including Burnaby, B.C. and Barrie, Ontario.