The report from Rentals.ca was released recently and analyzed the average rent for 1-bedroom and 2-bedrooms across 35 cities in Canada and listed out the most and least expensive cities in Canada.
Based on the report, rent in Canada has increased by $175 in the past six months and has hit a new height in the past six months, averaging $2,178 in October across the country. In October, the annual rate of rent growth in Canada was 9.9%, the fastest annual increase of the past seven.
The report states that rent inflation in Canada is primarily caused by increasing rental prices in Alberta, Quebec, and Nova Scotia. The reason for this is the significant increase in population, coupled with the introduction of newly constructed rental units that are pricier than the average market rate for rentals.
The most expensive cities in Canada for renting
Based on the rental report, the five most expensive cities in Canada are:
| City | Average rent for a 1-bedroom | Average rent for 2-bedroom |
| Vancouver, BC | $2,872 | $3,777 |
| Burnaby, BC | $2,647 | $3,341 |
| Toronto, ON | $2,607 | $3,424 |
| Oakville, ON | $2,524 | $3,337 |
| Mississauga, ON | $2,352 | $2,851 |
Among the 25 most expensive markets to rent, 14 were in Ontario, while nine were in British Columbia. With the highest average rent across all categories, Vancouver remains the top spot, followed by the Greater Toronto Area and Peel Region.
The data indicates that prices have decreased in Toronto, Canada’s biggest city, last month year-over-year; however, it is less than one percent. The drop marks the first annual rent drop seen in the city since August 2021.
In October, British Columbia retained its position with the highest average apartment asking rents among Canadian provinces, standing at $2,639. Nevertheless, BC rents have declined slightly from month to month, the second successive monthly decline. This suggests rent prices in BC may continue to decrease.
In October, Ontario was the province with the slowest annual growth in apartment rents, with a 4.6% growth (compared to a 6.6% growth in September).
The least expensive cities in Canada for renting
Based on the rental report, the five least expensive cities in Canada are:
| City | Average rent for a 1-bedroom | Average rent for 2-bedroom |
| Saskatoon, SK | $1,109 | $1,340 |
| Regina, SK | $1,191 | $1,405 |
| Fort McMurray, AB | $1,226 | $1,478 |
| Red Deer, AB | $1,249 | $1,464 |
| Winnipeg, MB | $1,282 | $1,692 |
The inexpensive places to rent in Canada are typically smaller cities and rural areas.
In October, the Prairie provinces of Manitoba and Saskatchewan witnessed significant month-to-month rent increases, with Manitoba experiencing the highest hike of 5.5%, followed by Saskatchewan with 4%. In Manitoba, the average asking rent for apartments reached $1,510, indicating an annual growth rate of 7.6% in October, compared to a growth rate of 3.1% in September.
Apartment rents rose at an annual growth rate of 5.8% in October in Saskatchewan, reaching an average of $1,409. This growth rate exceeded the 3.8% year-over-year increase witnessed in September.
Finding a place to rent in Canada
Figuring out the right place to rent is challenging. It is essential to spend time thinking about the kind of place you want, your budget, and where you want to live. Canada has a variety of ranges for rental and permanent housing for newcomers, including apartments, single-family detached homes, duplexes or triplexes, townhouses, and individual rooms.
- Apartments, commonly found in buildings or houses, are single-family units that have one, two, or three bedrooms.
- Single-family detached homes are standalone properties on their lot, while duplexes or triplexes are houses divided into two or three units.
- Builders construct townhouses with three or more units that share adjoining walls and can be stacked, resulting in separated top and bottom floors.
- Landlords divide homes into separate bedrooms, renting them to individuals who share common spaces such as kitchens and bathrooms.
When considering a move, it’s best to examine the neighborhoods and use Google Maps for research. This will give you insight into the general area and your specific neighborhood. Once you have figured out what type of place you want to live in and where you can find many resources to find a place to rent.
The easiest way to search for housing is to walk around the interested neighborhood and look for For Rent signs. You can then ask the superintendent for any available units now or soon.
Other places to look for apartments or housing to rent are:
- Rental agencies
- Realtor.ca is a website that lets you search for rental properties across Canada. There are filters to narrow down the search by price, property type, location, etc.
- Online rental listing platforms such as Zumper and PadMapper offer a convenient way to search for rental properties in Canada, allowing users to filter by number of bedrooms, location, price, and locations and view them on a map.
- Bulletin boards in grocery stores, laundromats, health clinics, community centers, service clubs, or real estate offices
- Local immigrant settlement agencies provide various services related to housing, including assistance in locating accommodation and understanding the rights and responsibilities of tenants.
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