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Rents fall in Canada’s priciest cities – including Vancouver, Burnaby

A decline in Toronto’s rental prices may have put Vancouver back on top as Canada’s priciest city for one-bedroom rents, but median prices have declined in all the top five most expensive rental cities.
Padmapper March 2018 rental report
Padmapper's monthly analysis of median rents found Vancouver to be the most expensive for one-bed units as Toronto prices fell. Source: Padmapper

A decline in Toronto’s rental prices may have put Vancouver back on top as Canada’s priciest city for one-bedroom rents, but median prices have declined in all the top five most expensive rental cities.

A monthly analysis of prices by rental website Padmapper found one-bedroom rents in Vancouver proper holding firm at $2,000 – the same as two months ago and very slightly more than last month. But two-bedroom units in the city fell 1.6 per cent – although that only reduces the median rent to $3,150.

Toronto’s larger decreases in rent prices dropped the city into second place in the price rankings, with a 4.4 per cent slide in one bedroom prices to a median of $1,970, and two bedrooms dropping 2 per cent to $2,500.

Burnaby retained its third place among Canada’s most expensive rental cities, but also saw price declines, with one bedrooms dropping 1.4 per cent to $1,420 and two bedrooms falling 4.2 per cent to $2,040.

Montréal, Québec and Barrie, Ontario remained the fourth and fifth most expensive cities for rental prices, and both cities saw declines in one- and two-bedroom rents.

Vancouver was the only one of the top five priciest cities not to see a decrease in one-bedroom rental prices.

Check out Padmapper’s report infographic with the remaining top 10 most-expensive cities for one-bedroom rents, above.