Rent prices in Canada: These are the most expensive cities
The Canadian housing market continues to see a dramatic rise in rental prices, according to a report from rental listings platform Zumper released last Wednesday.
While cities like Toronto, Vancouver and Victoria averaged more than $1,800 per month for a one-bedroom apartment in June, the majority of Canadian cities included in the report (60%) saw double-digit increases rent prices from one year to the next.
Monthly rent for a one-bedroom apartment in Toronto, for example, now averages $2,000, with a two-bedroom apartment at $2,630.
But the situation is getting even worse in Vancouver, where a one-bedroom rental has soared to $2,240, and a two-bedroom unit averages more than $3,300, bolstering Vancouver’s reputation as Canada’s city. the most expensive to live.
Still, that’s not to say cities other than Vancouver and Toronto are much more affordable. Burnaby, British Columbia ranked as the third most expensive city to rent a one-bedroom unit. Despite a 4.9% drop, the rental cost is still $1,960 for one-bedroom units and $2,610 for two-bedroom units.
Barrie, Ont. saw rents for a one-bedroom apartment hit $1,760. Two-bedroom units are still holding steady at $1,940, despite down almost 5% from last year.
According to the data, Kelowna, British Columbia, one of the most expensive cities in the housing market in Canada, saw a 2.8% drop in rental costs, bringing the average housing stock by a room at $1,750.
St. Catharines, Ont. saw a similar drop of 2%, with the average price of a one-bedroom apartment settling at $1,470. Saskatoon also followed this downward trend, with a 1% drop in average rental costs, bringing the average to $990 for a one-bedroom unit.
With many leases ending in early summer and late spring, Zumper says many Canadian tenants are starting to search for their next apartment, which could be behind the surge in demand and rental price.
THE COMPLETE LIST OF CITIES