Rents continue to drop in Canada’s most expensive cities. Not so in Montreal, where rent on a "per-square-foot basis" is up 7% in 2020, according to a recent report from Rentals.ca and Bullpen Research & Consulting.
And don’t look for them to drop any time soon.
There is clearly no urban exodus in Montreal.
Ben Myers, president of Bullpen Research & Consulting
“Montreal is expected to be the top major market in Canada next year with rent growth of 6%, rising from $1,665 per month forecast for December 2020 to $1,760 per month,” reads the report.
That’s an extra $95 per month, FYI.
But the report notes there is a lot of volatility in the average rent between neighbourhoods as illustrated in this map.
Montreal is not behaving like Canada’s other major cities where the pandemic has cratered property markets and sky-high rents are falling fast.
In Toronto, average rent dropped by an incredible 20% on a year-over-year basis to $2,081 per month. Meanwhile, in Vancouver, "the average rent is down 12% year over year to $2,216 per month."
As the COVID-19 pandemic rages on and people remain stuck working from home, some renters have been moving to more affordable areas that offer more bang for their buck. According to the report, though, Montreal is bucking the trend.
“There is clearly no urban exodus in Montreal, as despite the strong rent growth in 2019, and the above-inflation increase in 2020, average rents are still relatively affordable in comparison to Vancouver and Toronto,” it states.
With a November 2020 average of $1,454 per month, Montreal currently ranks as the 19th most expensive Canadian city for one-bedroom apartments, out of 35 surveyed in the report.
A two-bedroom unit costs an average of $1,889.