Toronto Tops Vancouver With Most Expensive One-Bedroom Rent
Toronto snuck by Vancouver last month to become the most expensive place to rent a one-bedroom dwelling in Canada, according to the PadMapper Canadian Rent Report.
The report found renting one bedroom in Toronto averaged $2,020, up 2.5% from the previous month, and 15.4% from the previous year. A two-bedroom unit in the city saw a similar jump, rising 14.5% year over year to $2,520.
Vancouver finished a close second. A one-bedroom rental in Vancouver cost an average of $2K, up 0.5% for the month and 5.3% for the year. Still, Vancouver ranked first when it came to two bedrooms, with a monthly rental price tag of $3,200.
The report, which analyzes rental data from hundreds of thousands of active listings across the country, placed Burnaby, British Columbia, as the third-most-expensive rental place ($1,430 for one bedroom, $2,150 for two bedrooms), followed by Montreal ($1,310 and $1,580) and Barrie ($1,260 and $1,610).
Other notable Ontario cities included Ottawa, which ranked eighth with a one-bedroom rent of $1,120, up 6.7% from the previous year. Hamilton, with a one-bedroom rent of $1,050, was up 13% for the year.