Real Estate posted Mar 22, 2020 @ 07:45am by Dylan McCullough

Here’s the average cost of rent in major Canadian cities for March 2020

British Columbia and Ontario continue to be the most expensive provinces to rent a room, or rooms, in Canada.

A new rent report from PadMapper shows that Montreal is the only city in the country outside of those two provinces to crack the top 10 most expensive rental markets.

Toronto takes the top spot for expensive one bedroom units with an average cost of $2,200, but Vancouver is the more expensive market for two bedroom units with an average cost of $2,990.

Overall, eight cities saw a rise in rental costs, 10 saw a downward trend and six remained flat, according to the latest report.

While the top five most expensive Canadian rent markets remained the same compared to last month, Kelowna and Ottawa both jumped up a single spot while Barrie drops two spots.

Meanwhile, similar to last month, half of the total cities had double-digit, year-over-year rental growth rates," notes PadMapper.

"The market seems to be staying strong as we get into the hot moving season. On a monthly basis, while Kitchener and Oshawa rents were tied for the fastest growing in the nation last month, both up 5.3%, St. Catharines saw the biggest rent dip, down 4.7%."

The cheapest rent in Canada this month can be found in St. John’s, Newfoundland, where one-bedroom rent costs $810 and a two bedroom goes for an average of $850.