Median rents for one-bedroom apartments in the most expensive cities grew significantly in January, with close to half posting double-digit gains on a yearly basis, according to a study by PadMapper Research.
Ottawa reported the most significant yearly growth in rents, hitting $1,440 during the start of 2020. Kitchener followed with a 14.8% gain to $1,320.
Median rents in Toronto remained flat on a monthly basis and grew by 1.3% in annual terms. With a rent price of $2,300, Toronto remained the most expensive market for a one-bedroom unit across Canada.
Vancouver also posted a flat monthly growth. On an annual basis, however, rents in the city increased by 3.4% to hit $2,150.
Burnaby has the third-highest median rent at $1,760, a 12.1% increase year over year.
Victoria moved two spots higher in the month, placing fourth. The city’s median rent rose by 5.3% monthly and 14.4% annually to $1,590. It displaced Montreal, which moved lower in the rankings.
Median rent in Montreal fell by 3.2% over the month to $1,500. On an annual basis, rents in the city remained flat.
The table below shows the 20 most expensive cities for one-bedroom apartments: