Here's how much an apartment costs to rent in cities across Canada
It's no secret that the cost of living is always increasing in Canada, especially if you live in one of the country's biggest cities.
According to the February National Rent Report from Rentals.ca and Bullpen Research & Consulting, on an annual basis, average rents nationally for all property types are up just 1.3 per cent. And for rental apartments, year-to-year rent has grown 5 per cent in Canada, from $1,463 per month to $1,536 per month.
But for several cities in particular, that number is drastically higher.
The report found that the year-over-year change in Toronto for median rent for apartments is up 22 per cent from January 2019 to January 2020, which is surprisingly lower than Montreal (38 per cent), London (36 per cent) and Winnipeg (23 per cent).
Still, Toronto remains at the top of the list for January average monthly asking rent for a one-bedroom and two-bedroom home at $2,315 and $2,926, respectively.
Seven other Canadian cities also saw double-digit percentage increases in January, including Mississauga (19 per cent), North York (18 per cent), Etobicoke (16 percent), Ottawa (12 per cent), Scarborough (12 per cent), Quebec City (12 per cent) and Kitchener (11 per cent).
Notably, 10 of the top 11 cities for highest average monthly rent in January for one-bedroom and two-bedroom homes are in Ontario.
"The strong rent growth in Quebec and Ontario is enticing developers to build more apartments," said Ben Myers, president of Bullpen Research & Consulting, in a statement.
"According to Canada Mortgage & Housing Corporation, there were more rental starts than condo starts in January in both provinces. This supply is much needed to satisfy the increasing tenant demand, as the flattening out of condo rental rates could negatively impact investor activity and reduce secondary market supply."
Thankfully, some Canadian cities also saw double-digit percentage decreases.
Annual growth in median rents for apartments in January decreased by 16 per cent in Saskatoon, 14 per cent in Red Deer, 14 per cent in Regina and 10 per cent in Edmonton.
So if you're looking to save a few bucks on rent, you know where to look.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca
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