Housing is one of the biggest concerns for those who live in Canada today. According to the CIC News website, the Rentals.ca Rental Report November 2023 was recently released, analyzing the average rent for 1 and 2-bedroom apartments in 35 cities across Canada.
The report explains that rent in Canada has increased by 1TP4Q175 in the last six months, and for the sixth time in a row, rents have reached a new high, with an average of $2,178 in October across the country, in 2023.
The annual rate of rent growth in Canada was 9.9% in October, representing the second fastest annual increase in the past seven months.
According to the report, rent inflation in Canada is driven by rising prices for rentals in Alberta, Quebec and Nova Scotia, due to strong population growth and the supply of new rentals priced above the market average.
The Most Expensive Cities to Rent: According to the report, the five most expensive cities to rent are:
- Vancouver, BC: Average of $2,872 for 1 bedroom and $3,777 for 2 bedrooms.
- Burnaby, BC: Average of $2,647 for 1 bedroom and $3,341 for 2 bedrooms.
- Toronto, ON: Average of $2,607 for 1 bedroom and $3,424 for 2 bedrooms.
- Oakville, ON: Average of $2,524 for 1 bedroom and $3,337 for 2 bedrooms.
- Mississauga, ON: Average of $2,352 for 1 bedroom and $2,851 for 2 bedrooms.
Vancouver continues to top the list with the highest average rents, followed by Greater Toronto and Peel Region. Vancouver is in the province of British Columbia, the region with the mildest climate and one of the most beautiful in the country, which makes everything more expensive (and more crowded). Many want to live there (where the BFF Canada headquarters has been located for 7 years). But there are other options for all tastes and budgets.
The Least Expensive Cities to Rent: According to the report, the five least expensive cities to rent are:
- Saskatoon, SK: Average of $1,109 for 1 bedroom and $1,340 for 2 bedrooms.
- Regina, SK: Average of $1,191 for 1 bedroom and $1,405 for 2 bedrooms.
- Fort McMurray, AB: Average of $1,226 for 1 bedroom and $1,478 for 2 bedrooms.
- Red Deer, AB: Average of $1,249 for 1 bedroom and $1,464 for 2 bedrooms.
- Winnipeg, MB: Average of $1,282 for 1 bedroom and $1,692 for 2 bedrooms.
The cheapest places to rent in Canada are generally found in smaller cities and rural areas.
The province of Manitoba had the largest monthly rent increase at 5.5%, followed by Saskatchewan at 4%. In Manitoba, the average rent for apartments reached $1,510, increasing 7.6% annually in October.
Canada offers a variety of rental options, including apartments, houses, townhouses and single rooms. But for those who are international students or newly arrived immigrants, it can be very difficult to get something, since you have no financial history and no one to refer to. The building managers (those who manage and select residents) are super demanding and the waiting lines in the most popular places are huge.
So if you're looking for a place in Vancouver, check out Housing services from BFF Canada to find the perfect house or apartment for you. We are experts in easing the transition to a new home, researching your needs and making everything easier.
