Sault Ste. Marie least expensive city for renters of 19 municipalities listed 

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Landlords and property managers will look to embrace virtual leasing during the Covid-19 pandemic

The national average rental rate dropped 3 per cent month over month and 3.4 per cent year over year, according to the March National Rent Report from Rentals.ca and Bullpen Research & Consulting.

The average monthly rent in February was $1,823 in Canada as measured by listings data on Rentals.ca.

Windsor finished 28th of 38 cities on the list for average monthly rent in February for a one-bedroom home at $1,125 and 27 for average monthly rent for a two-bedroom at $1,453. The city finished 18th of 19 Ontario cities for affordability for renters. Although Windsor rents are low for Ontario, they have been increasing.

Sault Ste. Marie was 19th for Ontario cities making it the most affordable for renters.

Sault Ste. Marie finished 30th for average monthly rent for a one-bedroom at $1,063 and 33rd for average monthly rent for a two-bedroom at $1,156.

Toronto led all 38 cities on the list for average monthly rent in February for a one-bedroom home at $2,240 and a two-bedroom at $2,910.

Seven other municipalities in the Greater Toronto Area are listed among the 38 cities with six of the seven in the top 11 as most expensive for renters.

Oshawa on the eastern end of the GTA finished 26th on the list for average monthly rent for a one-bedroom home at $1,167 and 18th for average monthly rent for a two-bedroom at $1,789.

North York finished fourth for average monthly rent for a one-bedroom at $1,993 and fifth for average monthly rent for a two-bedroom at $2,425.

Richmond Hill came in fifth for average monthly rent for a one-bedroom at $1,927 and sixth for average monthly rent for a two-bedroom at $2,311.

Mississauga finished seventh for average monthly rent for a one-bedroom at $1,903 and for average monthly rent for a two-bedroom at $2,291.

Burlington came in eighth for average monthly rent for a one-bedroom at $1,707 and 10th for average monthly rent for a two-bedroom at $2,107.

Brampton finished 10th for average monthly rent for a one-bedroom at $1,647 and 15th for average monthly rent for a two-bedroom at $1,944.

Scarborough came in 11th for average monthly rent for a one-bedroom at $1,630 and 13th for average monthly rent for a two-bedroom at $2,037.

Average rent per square foot in certain areas of Toronto in February shows the highest in Yorkville and and Annex at $5.11 per square foot, two of the city’s most exclusive areas. Year over year, the largest increase in average rent per square foot was 4.6 per cent to $4.07 per square foot in South Core and Central Harbourfront.

In the chart below showing asking rents for only rental apartments for February, Toronto is up 16 per cent year over year. Other GTA cities include Etobicoke up 18 per cent; North York up 15 per cent; Scarborough up 14 per cent and Mississauga up 12 per cent.

Montreal tops the chart with a 34% annual change in rent. Saskatoon had the largest annual decline at -17%.

Toronto had the highest average monthly asking rent ($2,332) for rental apartments, with Vancouver close behind ($2,155), while Saskatoon had the lowest ($985).

“Following two years of high rent growth in Canada outside of the commodity-driven markets, rental rates have softened considerably in 2020,” said Ben Myers, president of Bullpen Research & Consulting. “In the face of a global health crisis, the number of people making major life decisions like moving or changing jobs will be significantly reduced, and landlords will have to decide to either lower rents, offer incentives, or simply wait and hope for some return to normalcy in a couple of months.”

The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for Canada.

The Rentals.ca numbers show vacated properties that better reflect current values. The figures better represent the actual rents a potential tenant would encounter when seeking to rent an apartment.

 

34 COMMENTS

  1. I have to disagree. It’s ridiculously expensive for what you get. Can’t even get a nice home in a safe neighborhood without paying over 1500 a month . I just got very lucky my mil is my landlady where my rent is cheap. But before that I literally paid $500 for a very tiny bachelor’s downtown.

  2. That’s why I moved here. Please don’t get me wrong I am very happy here I love my apartment my new community and my friends I have made. But it pisses me the hell off I had to move so far away from home to be able to get something half decent for less than a $1000 a month

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