So depressing: Average rent in Canada climbs past $2,100, hitting a new high
The rent is too damn high — and it’s only climbing higher in Canada, according to a new report.
Rentals.ca and Urbanation released its latest National Rent Report on Monday and the findings are pretty depressing.
For the sixth month in a row, asking rent in Canada has hit a new high, averaging $2,178, reads the report.
That’s an 8.8% increase over the past six months, which is equivalent to an extra $175 per month added to your rental bill.
https://t.co/jQL731uWJl Nov Rental Report:
Headline rent inflation continued to run hot in October at 9.9%, but the slowing of rents in Toronto and Vancouver showed that affordability challenges are causing renters to shift out of expensive markets:https://t.co/Fw2UI2uFrb pic.twitter.com/s2Wcjypkmm
— Urbanation Inc. (@Urbanation) November 13, 2023
“While headline rent inflation for Canada continued to run hot in October, the slowing of rents in cities such as Toronto and Vancouver was significant, showing that affordability challenges are causing renters to shift into less expensive markets,” said Shaun Hildebrand, president of Urbanation, in a release.
The report says that the annual rate of rent growth in October stood at 9.9%, which was a “modest slowing” from the 11.1% annual pace in September.
Despite this, it still marked the second-fastest annual increase over the past seven months, and the numbers reflect this bleak reality.
For the first time, national average rent for two-bedroom apartments surpassed $2,300 in October, according to the report.
One-bedroom apartments experienced the fastest annual growth, increasing by 14.1%.
If you think a studio apartment will fit your budget, think again. The report says rent for studio apartments rose by 12% compared to a year ago, at an average of $1,538.
Three-bedroom apartments increased annually by 8.9%, spiking to an average of $2,532.
Rentals.ca/Urbanation
As for the most expensive cities in Canada to live in, Vancouver maintained its top spot with an average rent of $2,782 for a one-bedroom apartment.
Following closely behind is Burnaby, BC, at $2,647, and Toronto at $2,607 for a one-bedroom apartment.
If the cost of living crisis is making you consider a move, according to the report, the cheapest cities to rent in are Saskatoon and Regina, with an average one-bedroom going for $1,109 and $1,191, respectively.
Rentals.ca/Urbanation
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