While still nowhere near the exceptionally high rent in other big Canadian cities, like Vancouver and Toronto, Montreal’s rent prices continued to rise last month.
According to Rentals.ca and Bullpen Research & Consulting’s latest National Rent Report, year-over-year, the average monthly rent in October for a one-bedroom was up 2.3% and up 2% for a two-bedroom. Month over month, average rents in Montreal in October were up slightly by 0.1% for both a one-bedroom and a two-bedroom.
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Montreal came in 22nd with an average monthly rent of $1,508 in October for a one-bedroom. The city placed 17th with the average monthly rent for a two-bedroom at $1,920. Vancouver and Toronto once again solidified the top two spots at $2,216 and $2,006, respectively.
The province of Quebec experienced annual rent growth in October of about 1%, but average rent for all property types rose from $1,503 in October 2020 to $1,664 in 2021.
As for the rest of the country, the average rent in Canada in October increased by 1.6% year-on-year to $1,800, which is the first annual percentage increase this year.
The average rent has increased by $31 (or 1.8%) from the previous month and $125 (or 7%) from April.
After a turbulent 2020, rental prices are rising across Canada.