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Real Estate, News, Business

The average cost of rent in major Canadian cities right now (MAP)

Real Estate, News, Business

The average cost of rent in major Canadian cities right now (MAP)

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Daily Hive Staff Jul 17, 2017 1:12 pm 11,316

Rent across Canada’s major cities saw little change over the course of July.

Eleven out of 25 cities remained unchanged in their rental costs, according to the latest report by PadMapper. Six cities saw an increase, while five remained unchanged in the median price for one bedroom apartments.

Vancouver and Toronto continue to dominate the top 5 most expensive rental markets in Canada.

Vancouver kept its number one spot, as the median price for one bedroom units grew by 2.5%, to $2,090, while the median price for two bedrooms increased by 2.5% to $3,230.

Toronto trails closely behind Vancouver as rent prices increased slightly by 0.6% to $1,800 for one bedroom units. The price for two bedroom units rose by 3% to $2,430.

Barrie, Ontario, climbed the list to the third spot as it saw a steep increase of 5.2% to $1,210 for one bedroom rent.  However, rent for two bedrooms unit dropped by 1.4% to $1,390.

Moving back into the top five, Montreal sits in fourth place as the city saw mixed price changes to one and two bedroom units. Rent for one bedroom units decreased by 3.3% to $1,160 but the price for two bedroom units climbed 2.8% to $1,460.

The biggest drop came from Victoria, BC, as it fell one spot this month to fifth place. Victoria sat steadily at third place for the last two months. However, the city experienced a major decline in rent for one bedroom units. Rent was down by 5.1% for one bedroom units. Prices for two bedroom units slightly increased by 0.7% to $1,410.

Top 10 1 bedroom median rent prices (PadMapper)

Top 10 1 bedroom median rent prices (PadMapper)

Calgary’s rents remained unchanged as the city sits in seventh place for the second month in a row with the average rent at $1,070.

Seems like Quebec is definitely the place to go if you’re not looking to break the bank.

Reigning favourite Saguenay, Quebec, still remains one of the cheapest cities for rent across Canada, with its two bedroom average cost sitting at $610.

And if Saguenay doesn’t suit your style try Sherbrooke, Quebec, where you can get a get a decent two-bedroom apartment for a cool $660.

PadMapper

PadMapper

See also

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Daily Hive Staff
Launched on July 1, 2016, Daily Hive is the evolution of Vancity Buzz and is now in Vancouver, Calgary, Toronto, and Montreal.

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