Toronto Becomes Canada’s Most Expensive Rental Market, As Vancouver Prices Drop
Canada’s most expensive rental market is no longer Vancouver, as prices fall in the city.. The rise, combined with Vancouver’s fall, crowned Toronto the most expensive market.
Toronto Replaces Vancouver As The Most Expensive Rental Market
Toronto replaced Vancouver as the most expensive market in the country. Toronto had an average list price of $1,862 in June, up 1% from the month before. Vancouver fell just under to $1,833, down 5.4%. Richmond Hill, a suburb of Toronto, came in third at $1,721, down 0.7% from the month before. Spots 4 through 6 were also suburbs of Toronto, as last year’s condo gains transfer to secondary rental prices.
Canadian 1 Bedroom Rental Prices – June 2018
The list price of a 1 bedroom rental apartment in June 2018.
Toronto Suburbs Are The Fastest Rising Rental Markets
The fastest rising markets were Oakville, Etobicoke, and Mississauga. Oakville reached $1,373 in June, up a massive 5.1% from the month before. Etobicoke reached $1,471, up 4.5%. Mississauga reached $1,435, up 2.5%. Yes, the area surrounding Toronto is seeing the fastest rising rental prices.
Canadian 1 Bedroom Rental Price Change – June 2018
The monthly percent change in list price of a 1 bedroom rental apartment across Canada’s largest 30 cities.
The fastest falling rental prices were in Vancouver, Surrey, and Windsor. Vancouver’s $1,833 one bedrooms in June are a massive 5.4% lower than the month before. Surrey saw the average list price fall to $1,064, down 2.7%. Windsor prices fell to an average of $810, down 2.4% from the month before. All three of these markets are currently seeing falling real estate prices as well.
Generally speaking, the rental market trails real estate purchase prices. One month doesn’t make a trend, but it does show that rental prices can move in both directions. A correction in home prices, can lead to a correction in secondary market rentals prices.