Renters in Barrie are paying more than they did a year ago, with the city seeing one of the biggest increases in one-bedroom rental prices across Canada, according to a new report.
Zumper.com’s March National Rent Report reveals that over the past year the average cost of a one-bedroom apartment in Barrie went up by 5.1 per cent. That ties Barrie with Regina, Sask., for the second-highest jump nationwide. Saskatoon, Sask., took the top spot with a 5.7 per cent increase.
In contrast, rental prices in much of the country are on the decline. Across Canada, the average cost of a one-bedroom apartment dropped 0.8 per cent in March to $1,835, while two-bedroom units fell 0.9 per cent to $2,265. Year over year, Zumper.com reports the national average for one and two bedroom rentals took a dip by 2.9 and three per cent, respectively.
This marks the sixth month in a row that Canada’s overall rental prices have gone down, the report noted. It stated the slowdown is likely due to more rental units being available in some areas, fewer people relocating, and many renters being priced out of the market. Uncertainty about the economy may also be leading people to hold off on finding a new place.
While cities like Calgary, Kingston, and Toronto saw the biggest rent drops - with Calgary down nearly 10 per cent - mid-sized cities, like Barrie, appear to be going in the opposite direction.
