Rents in Canada are sky-high. These are the most expensive cities

Rents across Canada are decades high inflationary has increased the cost of living in the country.

The national average rent last month was $2,005 – up more than 12% from December 2021, according to . January 2023 rental report.

Vancouver remains the most expensive city to rent in Canada, with an average price of a one-bedroom apartment at $2,596 per month.

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Toronto is in second place with $2,457 for a one-bedroom, followed by Burnaby, BC ($2,450), Toronto’s Etobicoke area ($2,172) and Mississauga, Ont. ($2,145), based on a list of 35 Canadian cities.

In Halifax at number 10, a one-bedroom apartment has an average price of $1,987.

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The cheapest cities on that list are all in Alberta, with an $840 one-bedroom apartment in Lloydminster, Alta., at the bottom of the table.

Nationally, the median rent for a one-bedroom apartment rose 7.9% in December 2022 to $1,681, but two-bedroom rents saw the highest increase of 9.4% over the same period. from the previous year to $2,044.

Click to play video: 'GTA rental market is a worry for 2023'

GTA rental market is a worry for 2023

Average annual rent increases for all apartment and condo listing types were highest in Kitchener, Ont., and Halifax, which saw a 31% increase in December 2022.

Residents in London, Ont., have seen rents rise 30% from a year ago and rents in Scarborough up 25%.

The “exceptional growth” in rents last year can be attributed to COVID-19 The national rent report shows pandemic recovery, record population growth, plummeting home purchases and low vacancy rates.

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This is the second month in a row the average monthly rent has exceeded $2,000 in Canada, the country is facing a shortage of housing due to a lack of both housing and construction workers to build the units. new.

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In November 2022, the average monthly rent in Canada rose to a record high of $2,024.

Real estate experts predict this trend could continue in the coming months as more people decide to rent rather than buy properties.

“Rent has increased significantly compared to last year,” said John Pasalis, president and broker of Realosophy Realty in Toronto.

“Our population is exploding and we’re not really building a lot of houses and rental buildings. And this is a big driver of why rents are going up.”

Click to play video: 'Tenants brace for financial stress as Ford government approves rent increase in Ontario for 2023'

Tenants brace for financial stress as Ford government approves rent increase in Ontario for 2023

According to’s market outlook, rental prices for available apartments in the market are expected to increase by about 5% on average in Canada this year.

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“Continued population growth and a slowdown in first-time homebuying should support the rental market this year, although it is anticipated that the number of rental homes completed in 2023 will be the highest in more than 40 years.” The past year should help contain further rent increases,” the outlook report reads. .

Last month, in an effort to help tackle skyrocketing rents across the country, the government of Canada The application is open to top up once as part of Housing Allowance in Canada (CHB) program — an initiative that would put $500 in the pockets of low-income renters.

© 2023 Global News, a division of Corus Entertainment Inc.


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