Toronto is one of the most expensive cities to rent an apartment in Canada

May 30 2019, 9:11 pm

What should really come as no surprise is that Toronto is currently one of the most expensive cities in the country to rent an apartment.

But it’s not just Toronto that’s expensive for rentals, the rest of the country is too, according to a new report by Canadian real estate search website RentSeeker.

To provide an overall look at Canada’s rental market, RentSeeker has published an infographic showing the top 10 most and least expensive cities across Canada.

And while Toronto and Vancouver are in the top 10, it may come as a surprise that neither took the top spot for the priciest rental city.

In fact, Yellowknife took the top spot, with Vancouver and Toronto following in second and third, respectively.

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While the cost to rent an apartment in Toronto averages at $1,360 a month, RentSeeker has broken down what the average price is for a studio bachelor, and a one, two, and a three-bedroom apartment.

According to RentSeeker, the average rental price for a studio bachelor apartment in Toronto is currently $1,080, with a 1.6% vacancy rate.

A one bedroom, on the other hand, averages at $1,261 in Toronto, with a 1.2% vacancy rate, which isn’t much better than what our Vancouver neighbours pay, with a one bedroom currently averaging at $1,307 a month, and a 1.1% vacancy rate.

Rent Seeker

Those looking to rent a two-bedroom in Toronto will be facing an average of $1,467, and a 1.0% vacancy rate, which is $230 less than Yellowknife, which is currently the most expensive city to rent a two-bedroom, averaging at $1,697 a month.

And as you could imagine, a three-bedroom apartment in Toronto definitely doesn’t come cheap, averaging at $1,633 a month, with a 0.8% vacancy rate.

Rent Seeker

Top 10 most expensive cities in for rental apartments in Canada:

  1. Yellowknife, NWT: Average Rent Price = $1581/month
  2. Vancouver, BC:  Average Rent Price = $1507/month
  3. Toronto, ON:  Average Rent Price = $1360/month
  4. Victoria, BC: Average Rent Price = $1264/month
  5. Kingston, ON:  Average Rent Price =  $1238/month
  6. Ottawa, ON: Average Rent Price = $1214/month
  7. Barrie, ON: Average Rent Price = $1198/month
  8. Oshawa, ON: Average Rent Price = $1153/month
  9. Kelowna, BC: Average Rent Price = $1139/month
  10. Edmonton, AB: Average Rent Price = $1125/month

Top 10 least expensive cities for rental apartments in Canada:

  1. Thetford Mines, QC:  Average Rent Price = $461/month
  2. St. Georges, QC: Average Rent Price = $478/month
  3. Victoriaville, QC: Average Rent Price = $506/month
  4. Edmundston, NB:  Average Rent Price = $511/month
  5. Matane, QC: Average Rent Price = $514/month
  6. Trois-Rivieres, QC: Average Rent Price = $534/month
  7. Saguenay, QC: Average Rent Price = $547/month
  8. Drummondville, QC: Average Rent Price = $556/month
  9. Sherbrooke, QC: Average Rent Price = $588/month
  10. Sherbrooke, QC: Average Rent Price = $588/month

Daily Hive publishes multiple versions of Canada and city-wide rental averages from different sources. Total averages vary depending on the organization.

Ainsley SmithAinsley Smith

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