A new report on rental markets across Canada ranks Victoria as the 5th most expensive city in the country.
Listing website Padmapper’s February 2021 report says that the B.C. capital city dropped one place on their rankings after holding the number four spot since September.
According to Padmapper’s data, Victoria saw a decline from January of 2.5 per cent in average monthly rents for a one-bedroom apartment to $1,570.
The city also saw a drop of 0.5 per cent for two-bedroom apartments, with an average price of $1,990 a month.
Meanwhile, Barrie, ON saw rising prices for rental units, with a 4.4 per cent increase for one-bedrooms pushing monthly average rents to $1,650 and a 2.9 per cent increase for two-bedrooms leaving monthly rents at $1,780 on average.
Those increases caused Barrie to bump Victoria out of fourth place into fifth on Padmapper’s list.
Ahead of Barrie and Victoria, the top three most expensive rental markets in Canada were:
- Vancouver (one bedroom, $1,940, two-bedroom, $2,630)
- Toronto (one bedroom, $1,770, two-bedroom, $2,340)
- Burnaby (one bedroom, 1,680, two-bedroom, $2,190)
Padmapper says that these figures represent the lowest one-bedroom rents in Vancouver and Toronto in nearly four years.
According to the listing site’s data, the last time Toronto saw one-bedroom rents at the current price was in February 2017, while Vancouver rents were comparable to current rates in April 2017.
Crystal Chen, author of the Padmapper report, attributed the overall decline in rents to migration from the most expensive rental markets in Canada.
“It seems the continuous rent price declines from renter migration out of Canada’s two most expensive rental markets have not stopped, even as COVID-19 vaccines have begun to roll out,” Chen said.