The highest and lowest rental costs in Canadian cities

The highest and lowest rental costs in Canadian cities

The highest and lowest rental costs in Canadian cities Report for November 2023, published by Rentals.ca, has been released. This report analyzes the average rental prices for one-bedroom and two-bedroom units in 35 cities across Canada.

The November 2023 Rentals.ca Rent Report revealed that over the past six months, rent in Canada has seen an increase of $175, reaching a new high for the sixth consecutive month, with an average of $2,178 across the country in October.

The annual rate of rent growth in Canada for October was 9.9%, marking the second-highest annual increase in the past seven years. The report attributes rent inflation in the country to rising rental prices in Alberta, Quebec, and Nova Scotia, driven by robust population growth and new rental supply with above-average market rents.

The most expensive cities to rent in, according to the report, are as follows:

1. Vancouver, BC: The average rent is $2,872 for a 1-bedroom and $3,777 for a 2-bedroom.
2. Burnaby, BC: Averages $2,647 for a 1-bedroom and $3,341 for a 2-bedroom.
3. Toronto, ON: Sees an average rent of $2,607 for a 1-bedroom and $3,424 for a 2-bedroom.
4. Oakville, ON: Averages $2,524 for a 1-bedroom and $3,337 for a 2-bedroom.
5. Mississauga, ON: The average rent is $2,352 for a 1-bedroom and $2,851 for a 2-bedroom.

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Of the 25 most expensive markets in Canada, 14 are in Ontario, while nine are in British Columbia. Vancouver remains at the top with the highest average rent for all categories, followed by the Greater Toronto Area and the Peel region.

Interestingly, Toronto, the largest city in Canada, experienced a slight drop in prices last month, marking the first annual rent decrease since August 2021, albeit less than one percent.

British Columbia has the highest average asking rents for apartments among provinces at $2,639 in October, with rents showing a slight decline for the second consecutive month, indicating a potential trend of falling rent prices.

Contrastingly, Ontario had the slowest annual growth in apartment rents in October, with a 4.6% increase, compared to a 6.6% increase in September.

The five least expensive cities to rent in, according to the rental report, are as follows:

1. Saskatoon, SK: The average rent is $1,109 for a 1-bedroom and $1,340 for a 2-bedroom.
2. Regina, SK: Averages $1,191 for a 1-bedroom and $1,405 for a 2-bedroom.
3. Fort McMurray, AB: The average rent is $1,226 for a 1-bedroom and $1,478 for a 2-bedroom.
4. Red Deer, AB: Averages $1,249 for a 1-bedroom and $1,464 for a 2-bedroom.
5. Winnipeg, MB: The average rent is $1,282 for a 1-bedroom and $1,692 for a 2-bedroom.

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Typically, the most affordable places to rent in Canada are found in smaller cities and rural areas. The Prairie provinces of Manitoba and Saskatchewan experienced the largest month-to-month rent increases, with 5.5% and 4%, respectively. In Manitoba, the average asking rents for apartments reached $1,510, showing a 7.6% annual increase in October, compared to a 3.1% annual growth in September. Similarly, Saskatchewan saw a 5.8% annual increase in apartment rents in October, reaching an average of $1,409, accelerating from a 3.8% year-over-year rate of increase in September.

Properties for rent in Canada

Finding a place to rent in Canada involves careful consideration of your preferences, location, and budget. Here are some steps and tips to help you in your search:

Determine Your Preferences:

• Consider the type of housing you prefer, such as apartments, single-family homes, duplexes, townhouses, or shared accommodations.
• Think about the number of bedrooms you need.
• Consider amenities, proximity to public transportation, and other factors that are important to you.

Set Your Budget:

• Establish a budget that includes rent, utilities, and other potential expenses.
• Keep in mind additional costs such as security deposits and any application fees.

Research Neighborhoods:

• Explore specific neighborhoods in the city or area where you plan to move.

• Use online tools like Google Maps to get an overview of the neighborhood and its amenities.

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Utilize Online Resources:

There are numerous online platforms and websites where you can find rental listings. Popular websites include:

• Realtor.ca
• Zillow
• Kijiji
• Craigslist
• Many property management companies also have their own websites.

Connect with Local Rental Agencies:

• Local rental agencies can provide assistance in finding suitable accommodations.
• Visit their offices or contact them online for information on available rentals.

Attend Open Houses:

• Attend open houses or schedule viewings to get a firsthand look at potential rental properties.
• Take note of the condition of the property and ask questions about terms and conditions.

Check Classifieds and Local Newspapers:

• Local classified ads and newspapers often feature rental listings.
• Keep an eye on community bulletin boards for rental opportunities.

Network and Seek Recommendations:

• Connect with local communities and seek recommendations from friends, colleagues, or online forums.
• Local community centers or cultural organizations may provide valuable insights.

Be Prepared for the Application Process:

• Once you find a suitable place, be prepared to submit a rental application.
• Provide necessary documents, such as proof of income, references, and a rental history.

Stay Persistent:

• The rental market can be competitive, so be persistent in your search.
• Start your search well in advance to allow time for finding the right place.

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