Toronto is no for a longer period the most pricey town in Canada for condominium rentals

Vancouver has eventually, at lengthy previous, surpassed Toronto as soon as yet again to come to be the most high priced market for a single-bedroom rentals in Canada  — an unwelcome title the latter town has held considering that July of 2018.

Which is right, our one-time west coast rival for highest median condominium price ranges is back again on the board after practically two-and-a-50 % yrs of coming in 2nd.

That is, according to Padmapper’s monthly Canadian Hire Report, which has been holding tabs on the country’s 24 most-populous metro locations because 2016.

After analysing rental facts from “hundreds of thousands of active listings across the country,” Padmapper located that Vancouver features the best median rent selling prices as of December 2020 for each a single-bedroom and two-bedroom units.

Vancouver is as soon as all over again Canada’s priciest city for a person-bed room condominium rentals after surpassing Toronto in December of 2020. Graphic through Padmapper.

Now, Vancouver has extended held the top rated place for two-bedroom rates, and at a person level was even in tight competitiveness with Toronto for one-bedroom listings.

Not given that June of 2018, however, has the west coast city dethroned mighty Toronto in the a single-bedroom rent value section — and even then, it was only by $20 (Vancouver median rents have been $2,o90 at the time although Toronto sat at $2,070.)

Funnily sufficient, thanks to the COVID-19 pandemic, lease selling prices are basically down by 11 for each cent, 12 months-around-year, in Canada’s newly-topped priciest city for tenants. The median lease for a just one-bed room in Vancouver is currently $1,950 per thirty day period.

Toronto rents are down as properly, of class — by 17 for every cent considering that the identical time past year, according to Padmapper, and by as a great deal as 20 per cent by other estimates — achieving just $1,900 on common.

This is the cheapest price tag Padmapper has recorded for median 1-bedroom rents in Toronto considering that August of 2017. Wilder nonetheless? Analysts assume hire charges to preserve falling in Canada’s greatest city centre well by the initial 50 percent of 2021.

Here is a whole breakdown of where by all 24 significant metro places in Canada stand in phrases of median hire charges for numerous unit dimensions as of appropriate now:

toronto rent prices

This graph shows median hire charges for 24 towns in Canada for December of 2020, as effectively as yr-more than-year and month-about-thirty day period modifications. by using PadMapper.