It is reported that the most and least expensive rental places in Canada include Vancouver, Burnaby, Red deer, Winnipeg etc.
The latest Rent Report for November 2023 analyzes the average rental prices for one-bedroom and two-bedroom units in 35 different cities across Canada.
Over the last half-year, the report highlights that rental costs in Canada went up by $175. In the last Six months, rents hit a new high averaging $2,178 nationwide in October across the country.
Canada experienced a 9.9% annual growth rate in rent, marking the second-highest increase in the past seven years. The report attributes this to rising rental prices in Alberta, Quebec, and Nova Scotia, influenced by rapid population growth and new rental supply entering the market at higher-than-average rents.
Most Expensive rental places in Canada
Most Expensive rental places in Canada are:
Vancouver, British Columbia – Average rent costs $2,872 for 1 bedroom and $ 3,777 for 2 bedroom flat.
Burnaby, British Columbia – Average rent costs $ 2,647 for 1 bedroom and $ 3,341 for 2 bedroom flat.
Toronto, Ontario – Average rent costs $2,607 for 1 bedroom and $ 3,424 for 2 bedroom flat.
Oakville, Ontario – Average rent costs $2,524 for 1 bedroom and $ 3,337 for 2 bedroom flat.
Mississauga, Ontario – Average rent costs $2,352 for 1 bedroom and $2,851 for 2 bedroom flat.
In Canada, Out of the 25 priciest rental markets , 14 are in Ontario, while nine are in British Columbia. Vancouver holds the top spot with the highest average rent across all categories, followed by the Greater Toronto Area and Peel region.
Recent data indicates a slight decrease in prices in Toronto, the largest city in Canada, by just under one percent compared to the same month last year. This drop marks the first time rents in the city have decreased annually since August 2021.
British Columbia has consistently maintained the highest average asking rents for apartments among provinces, reaching $2,639 in October. However, BC experienced a slight monthly decrease for the second consecutive month, suggesting a potential ongoing trend of falling rent prices.
Ontario had the slowest annual growth in apartment rents in October, showing a 4.6% increase compared to a 6.6% increase in September.
Least Expensive Rental Places in Canada
Least expensive Places to live in Canada are:
Saskatoon, Saskatchewan- Average rent costs $1,109 for 1 bedroom and $1,340 for 2 bedroom flat.
Regina, Saskatchewan – Average rent costs $ 1,191 for 1 bedroom and $1,405 for 2 bedroom flat.
Fort McMurray , Saskatchewan – Average rent costs 1,226 for 1 bedroom and $1,478 for 2 bedroom flat.
Red Deer, Saskatchewan – Average rent costs $1,249 for 1 bedroom flat and $ 1,464 for 2 bedroom flat.
Winnipeg, Manitoba – Average rent costs $1,282 for 1 bedroom flat and $1,692 for 2 bedroom flat.
Typically, the least expensive places to rent in Canada are in smaller cities and rural areas. These locations offer more budget-friendly rental options.
The Prairie provinces of Manitoba and Saskatchewan experienced the most significant month-to-month rent increases, at 5.5% and 4%, respectively. In Manitoba, average asking rents for apartments rose to $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, up from a 3.8% year-over-year rate of increase in September.
Find Renting Places to Rent in Canada
Finding the right places in Canada can be challenging. Take time to think about what type of place you need, where you want to live, and your budget to find out about high paying jobs in Canada for foreigners.
In Canada, there are various options for newcomers, such as apartments, single-family homes, duplexes/triplexes, townhouses, and individual rooms. Apartments are usually found in buildings and can have one, two, or three bedrooms. Single-family homes stand alone, while duplexes/triplexes are divided houses. Townhouses have three or more units with shared walls, and homes may have separate bedrooms for individuals who share common spaces.
When deciding on a rental place, it’s essential to explore specific neighborhoods using tools like Google Maps. This helps you understand not only the general area but also your specific neighborhood.
After determining your preferences, use available resources to find a rental. Many websites and services can assist you in discovering the perfect place to live in Canada.
If you want to know more about rental places in Canada. Consult with us. Oasis Visas will be glad to help you.
