Where are the most expensive place and the cheapest apartments to rent in Canada?
What trends prevail in the rental market?
In Canada, it is more popular to rent a home than to buy one. In that regard, it's interesting to look at a recent report from Rentals.ca. According to their data, the cost of renting in Canada continues to rise. The average monthly rent faced by new renters is 20% higher than it was two years ago. Back then, the rent price hit its lowest point due to the COVID-19 pandemic.
In April 2021, the average rental price was approximately CAD 1,662 per month. According to data gathered from new listings on Rentals.ca, this April's average rental price is CAD 2,002 per month. This is also an increase of nearly 10% over the same period last year.
This data from the Rentals.ca report published in May is based on monthly rental listings on various Rentals websites. It's worth keeping in mind that the report only looks at asking prices for vacant apartments. However, it can be used to present the trends facing those looking for rental housing right now or who will be looking for it in the foreseeable future.
Canadians and visitors are facing skyrocketing prices. Rentals says the average price of a one-bedroom apartment in Canada's 35 most populous cities is CAD 1,811, while a two-bedroom will cost an average of CAD 2,239. Only 10 of the 35 cities have one-bedroom units below CAD 2,000.
The highest prices are now in Vancouver and Toronto. One-bedroom apartments in these cities can be rented for CAD 3,236 and CAD 2,822, respectively.
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