From Vancouver to Montreal, rents in some of Canada’s major cities are falling — but apartments in the country’s biggest urban centre weren’t any cheaper last month.
According to apartment-listing website PadMapper’s latest rent report, one- and two-bedroom rents in Toronto were flat last month.
The median one-bedroom rent was $2,260 — the most expensive out of 24 markets PadMapper tracks monthly — while the two-bedroom median rent was $2,850, second only to Vancouver.
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Despite the month-over-month pause, Toronto rents were still well up from a year ago, with the one-bedroom rent up 10.8 percent from March 2018, while two-bedroom rents surged 8.8 percent over the same period.
While Vancouver’s two-bedroom median rent of $3,100 was the most expensive anywhere, the rate represents a decline of 3.1 percent from a year ago and 4.9 percent from February.
Meantime, the one-bedroom Vancouver market rent was $2,100, unchanged from February but 4.5 percent higher than 12 months prior.
Montreal rents have been surging in the past year but for both one- and two-bedroom units, apartment hunters are seeing some relief of late.
Montreal’s median one-bedroom rent of $1,470 was down 2 percent on a month-over-month basis, while the typical two-bedroom rent of $1,710 declined 3.9 percent compared to February.
However, both one- and two-bedroom rents were up by more than 13 percent annually in Montreal.
The Prairies saw some of the sharpest rent drops in Canada this March. Calgary led all markets in month-over-month declines with a one-bedroom median rent of $1,070, which was 2.7 percent lower than in February. One-bedroom rents have fallen 5.3 percent in the past year.
In the two-bedroom segment, the median rent in Calgary was $1,290, 2.3 percent cheaper than in February and 3.7 percent off March 2018’s rate.
Over in Regina, the one-bedroom median rent was $900, stable compared to February, though up 5.9 percent annually. Renters looking for two-bedroom apartments caught a break, with the median rent for this type of apartment sinking 2.7 percent on a monthly and annual basis to $1,018.
PadMapper’s regular studies are based on listed rents for homes available or vacant in cities across Canada each month.