A Report Says Montreal Rents Have Fallen As People Seem To Want To Leave Cities
Rents are falling in the country's three largest cities, according to a recent report from PadMapper, an apartment rental and lifestyle website. The biggest drops were in Toronto and Vancouver but rents also fell in Montreal, though it's always been cheaper to live here anyway.
In our city, median one and two-bedroom rents were down 6.7% and 2.8%, to $1,400 and $1,750, respectively, since the same time last year, the September report says.
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$1,400
Median Price Of A Montreal 1-Bedroom, According To PadMapper
Toronto and Vancouver, the two most expensive places in Canada, experienced "record dips in prices" — 14% in the case of a two-bedroom apartment in Vancouver, states the report.
Coming in third and fifth most expensive places to rent were the commuter towns of Burnaby, B.C., and Barrie, Ontario.
The fourth most expensive place in the country was Victoria, B.C., where the median rent for both one and two-bedrooms was up "at least 15%" since the previous year to $1,610 and $1,990, respectively, PadMapper says.
"The rest of Canada seems to be steadily recovering from the sudden halt in rental demand during the pandemic as half of the total cities saw rents grow on a monthly basis in this report," it states.
"As Canada continues to reopen, the desire to move away from pricey cities is becoming more and more apparent."
Of the communities listed in the report, Quebec City was the cheapest place to live in our province with one and two-bedroom apartments costing a median of $980 and $1,180, respectively.