Barrie is now the third most expensive city to rent a one bedroom apartment in Canada, according to a new report.
In a new report published by PadMapper.com, the average price of a one bedroom apartment in July was $1,210. That’s an increase of 5.2 per cent from the previous month.
The only two cities that came in higher in the report were Vancouver, which has a one bedroom price of $2,090, and Toronto, which has an average price of $1,800.
Crystal Chen, a spokesperson for PadMapper, says the increase is likely due to renters being priced out of the expensive GTA market.
“Since the GTA does not seem like rental prices will taper off significantly in the near future, cities outside of the GTA will continue to see increased demand for their more affordable rental units, especially since it is now summer season and many people are looking to move,” she told CTV News.
The report does say that the average selling price of a two bedroom apartment in Barrie has decreased by 1.4 per cent in July to $1,390.
Chen believes prices will continue to grow until new apartments are built to meet the demand.
“The supply there is a lot of single-family homes that do not house many, rent prices will only continue to grow.”
PadMapper’s rental report analyzes data from Canada’s top 25 most populous metro areas.
