Are all these rising rent prices normal? New statistics on the matter may give us a clearer picture.
Montreal came in twenty-first place for average monthly rent in August for a one-bedroom home at $1,461. The city also had the fourteenth highest average monthly rent for a two-bedroom at $1,900.
In August, Laval finished closely behind at twenty-fifth for average monthly rent for a one-bedroom home at $1,366. The suburb finished at twenty-fourth for average monthly rent for a two-bedroom at $1,651.
Canada’s national rent average rose to $1,763 in August, and it is expected to keep rising. Factors for this include the return of university students, office workers, and the re-opening of borders.
Looking at the situation year over year, average monthly rents were actually down slightly in August in Montreal for both a one- and two-bedroom apartment. While month over month, average rents were slightly higher.
In Montreal, the average rent for condo apartments has declined 19.5% since August 2019, from $2,215 down to $1,783 last month.
For more information on local and national rental statistics, visit the National Rent Report.