Rent in Vancouver is 17% more expensive on average than in Toronto
If you could save up to 17% on your rent by moving to another city, would you do it? That’s the question on our minds as we dug into a recent rent report that sheds light on the cost of rent in Canada.
According to the Kijiji Real Estate Trend Report 2023, renting in Vancouver is about 12% more expensive than in Toronto. When it comes to rental apartments only, they are priced approximately 17% higher in Vancouver ($2,513) than in Toronto ($2,146) on average.
“If you’re considering a condo apartment, be prepared for higher prices in Vancouver, with an average rent of $2,807 compared to $2,584 in Toronto,” said Kijiji.
When it comes to the average asking rent for all property types in Vancouver is about $2,585 per month. In Toronto, it’s $2,302 per month.
Kijiji
“If you’re looking for a new home, remember to carefully consider your budget and housing needs, and be sure to explore different neighbourhoods and housing options to find the best fit for you,” advises Kijiji.
While Vancouver continues to be the most expensive city in Canada for renters, BC is also more expensive on average than Ontario as a whole with an average rent of about 3% higher.
So, if you’re looking for a more affordable city or province to call home, it could be time to pack your bags!