Average cost of rent in Canada
Prices are rising, and the prognosis is not good.
A November rental market report from Rentals.ca and research firm Urbanation found that the average Canadian rental price rose twice as much as the average wage over the year.
The year-over-year increase in rental prices was 11.8%, and the average rental price in October was $1,976 CAD. This is an average of rental property types such as detached and semi-detached houses, townhouses, apartments, and basement apartments.
"The rental market keeps getting hotter with each interest rate increase, coupled with a record high increase in the population," commented Urbanation President Sean Hildebrand.
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The city with the most expensive rent is Vancouver. In October, the average cost of a one-bedroom home was $2,576 CAD and a two-bedroom home was $3,521 CAD. Prices have risen more than 17% over the year.
In second place is Toronto with an average cost of $2,478 CAD for a one-bedroom home and $3,319 CAD for a two-bedroom home. Compared to last year, this is more than 23% more expensive.
Among other cities with the most expensive rent are:
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