Good news for investors, not so much for renters as rents in 13 Canadian cities gained in the year to August 2018.
Figures from Padmapper.com show that average rents in Toronto jumped 14% year-over-year and 2.4% from July to $2,200 for a 1-bedroom apartment; 15.6% y-o-y and 0.7% m-o-m to $2,820 for a 2-bedroom apartment.
Other cities seeing double-digit gains across both apartment sizes included Ottawa, Hamilton, Kitchener, Abbotsford, and Windsor which also saw the largest increase month-over-month (5.6% for a 1-bedroom) but remained the cheapest rental market ($750).
Rents in Vancouver saw moderate increases of 1.5% year-over-year for a 1 bedroom apartment ($2,050) and 2.2% for a 2-bedroom apartment ($3,230).
The largest monthly decline was in Quebec (-5.5% to $860 for a 1-bed) although rents were still 6.2% higher than a year earlier.
Rents declined month-over-month in 10 cities including Barrie, Victoria, Ottawa, and London. Rents were unchanged from July in Winnipeg.
Full details are available on the Padmapper.com blog.
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