Vancouver ranked 2nd most expensive city to rent an apartment in Canada

Jun 1 2019, 5:42 am

What should really come as no surprise is that Vancouver is currently one of the most expensive cities in the country to rent an apartment, according to a new report.

But, like the old saying goes, “misery loves company,” and that appears to be the case when it comes to putting a roof over your head.

And while Vancouverites love to complain about the cost of housing here, there are pricey pads right across the country, according to 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 Vancouver and Toronto 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 (as in the Northwest Territories) 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 Vancouver averages at $1,507 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 $1,150, with a 0.9% vacancy rate.

A one bedroom, on the other hand, averages at $1,307 in Toronto, with 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.

DH Vancouver StaffDH Vancouver Staff

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