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Aside from being a seller’s market, London is also becoming a landlord’s one, with the vacancy rate in the city sitting at an 18-year low and average rents continuing to increase.

According to apartment-hunting website PadMapper, which surveys the price of active listings in major cities across Canada, the average cost to rent a one-bedroom apartment in the city went up by about 8.9 per cent compared to last year and is now sitting at $980 a month. In November 2016, the average was $800.

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More notably, perhaps, is the price of two-bedroom units, which has soared by 15.5 per cent over the same period and is now $1,190 a month.

Both increases have pushed London to become the 16th most expensive rental market among major Canadian cities, according to the website. The list is topped by Toronto, where average monthly rent for a one-bedroom unit is $2,200.

The recent numbers are also coupled with a vacancy rate that is at just 1.8 per cent, according to the latest available data by the Canada Mortgage and Housing Corp. (CMHC).