Rental rates down in May

Many Canadian housing markets saw lower rents in May but the hottest markets remain unaffordable for many.

A report from Padmapper shows that the cost of renting a 1-bedroom apartment in Vancouver was down 2.3 per cent month-over-month to $1,700; a 2-bed apartment in the city saw a 0.7 per cent reduction to $2,780. Toronto rents fell to $1,650 for a 2-bedroom apartment (down 1.2 per cent) but 1-bed apartments increased 1.5 per cent to $,320.

The sharpest rise in rents for all apartments in May was in Edmonton where 1-beds averaged $980 (up 3.2 per cent) while 2-bed apartments averaged $1,230 (up 2.5 per cent). However, for 2-bedroom apartments there was a 4.4 per cent rise in Kingston, ON ($1,100) with 1-beds seeing now change; and a 3.8 per cent rise in Hamilton, ON ($1,090) with 1-bed rents down 3.3 per cent.

The sharpest fall in rents were in Sherbrooke, QK where 2-bedroom apartments averaged $650 (down 4.4 per cent) and 1-beds were down 1.7 per cent to $570. 1 bedroom apartments in St. Catharines (-4.2 per cent), Regina (-4.0 per cent) and Saguenay (-3.5 per cent); and 2-bedroom apartments in Montreal (-4.0 per cent) and Calgary (-3.7 per cent); were among the largest decliners.

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Market update:

Investment Hot Spots:
Saint-Mathieu-de-Beloeil, Frankville, Old Barns, Bayfield, Sunnybrook

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