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March 16, 2018

A look at the average cost of rent in major Canadian cities

Three months into 2018, Vancouver and Toronto continue rival for first place when it comes to cost of rent.

After Toronto climbed to the top in February, March sees Vancouver reclaiming its spot as the most expensive city for rent in Canada, according to the latest rental report by PadMapper.

This month, 12 of the cities in the report saw rental increases, 8 cities experienced downward trend, while 6 stayed flat.

Vancouver dominated March’s rental prices, as one bedrooms grew 0.5% to $2,000, although two bedrooms saw a 1.6% dip down to $3,150, which is still quite pricey.

Meanwhile, last month’s champ, Toronto has become the second most expensive rental market in Canada because one bedroom prices fell by 4.4% to $1,970. Two bedrooms in the centre of the universe also saw a drop to $2,500.

Similar to February, Burnaby, BC, is in third place, with rent dropping 1.4% for a one bedroom. It’s now going for $1,420, and two bedrooms are $2,040.

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