Here’s the average cost of rent in major Canadian cities for May 2021

British Columbia and Ontario continue to be the most expensive provinces to rent a room, or rooms, in Canada.

The two provinces dominate the list when it comes to the top 10 most expensive rental markets.

Vancouver and Toronto remain the most expensive rental markets in Canada, however, both cities have seen prices drop significantly since this time last year.

Alberta's major cities managed to steer clear of the top ten, with Calgary and Edmonton ranking 17th and 20th respectively, both down multiple spots from the same time last year.

In Calgary, one bedroom units average out at $1,100 a month, while in Edmonton the average cost of a one bedroom home is $900.

On the east coast, Halifax leads the way at 13th with one bedroom units at $1,270 and two bedroom units at $1,670.

Overall, 16 cities saw rent prices go up, while three stayed flat and five others had decreasing rates.

Montreal jumped back into the top 10 at 9th place with one-bedroom rent increasing to $1,390 possibly signaling a return to favour for expensive markets.

"This shift may be signaling a start to the reversal of the 2020 rental market trends. More Canadians may be considering moving back to expensive markets, to take advantage of low prices or in preparation of life returning to what it was like pre-pandemic as more vaccines become available, which would increase prices after a year of historic decreases," stated Padmapper's report.

"As we head into the hot moving season of the summer and fall months, expensive markets especially are likely to see rent price growth as demand is likely to pick up."

To read the full report, click here.