Those living in Canada’s major urban centres are used to seemingly never-ending rent increases, but across the country results varied in August, according to rental-listing website PadMapper’s newest report.
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While 11 markets saw median rents for one-bedroom apartments available in August increase from the previous month, rents actually got cheaper in six markets and were unchanged in another seven.
The biggest month-over-month bump was recorded in Abbotsford, BC, where the median rent of a one-bedroom home was $1,000, up 5.3 percent from the previous month and the same time last year as well.
“More markets have started to pick up in this report than the previous months as nearly half of the total cities experienced monthly rental growth and around 10 cities had double digit year over year growth,” writes Crystal Chen, a PadMapper data analyst.
Barrie, Ontario, experienced the biggest drop between July and August. For one-bedroom homes on the rental market in August, the median rent fell 3.4 percent compared to July.
However, Barrie, a city that’s north of Toronto by about 80 kilometres, is still the country’s fifth most expensive market for one-bedroom apartments as the median rent for this housing type is $1,400, tied with Victoria, BC.
Barrie asking rents have soared 7.7 percent over the past year.
Toronto once again was the most expensive rental market for anyone in search of a one-bedroom home.
The median asking rent in Hogtown remained stuck at $2,300 for another month, but that’s still an increase of 4.5 percent from a year ago.
The cheapest median asking rent for a one-bedroom unit was found on Canada’s east coast. St. John’s, Newfoundland, had a median rent of $790, down 2.5 versus July and unchanged from August 2018.
Here’s how rents looked across the country last month: