Here’s a comparison of Canada’s rental costs, the housing costs scenario over these few years, and the initiatives of the Canadian government. Reportedly, the country has faced increased housing costs over the last few years. Consequently, the government has initiated multiple measures to help reduce the costs.
Canadian Prime Minister Justin Trudeau recently declared his plan to invest nearly $15 million CAD in federal loans. The investment will be used for the forthcoming apartment construction projects and the Renter’s Bill of Rights.
A comparison of Canada’s rental costs in Metropolitan areas
This blog will discuss the rental costs across the thickly populated metropolitan areas in Canada as of April 2024.
Strategy
The average rental costs will occur through multiple sources, such as the following:
- The Canadian Housing and Mortgage Corporation
- Municipal and provincial sources
- Settlement agencies
- Digital housing amalgameter platforms, including rentals.ca, zumper.ca, and news sources, such as Global News and CTV.
The above data will emphasize three housing types present in Canada’s metropolitan regions, including bachelor, one-bedroom, and two-bedroom apartment units.
At present, the data will provide the latest market trends and might ultimately rely on the city’s location and the rental company or landlord from whom the new immigrant might lease.
Toronto
Toronto, Canada, not only comprises a large population but is also the most populated metropolitan area. It is well-known for its higher rental costs across Canada and is especially famous in North America for its quality of living. The city is home to top-notch restaurants, great nightlife, and, of course, the arts and culture scene. The Toronto Eaton Centre is home to over 230 stores, and the shopping center is also aligned with PATH, an underground tunnel. Even though living in Toronto is quite expensive, newcomers will be able to live a full-fledged life in varied communities. The average cost of living will be nearly 45,500 CAD.
The monthly average rental costs are as follows:
- The cost of Bachelor apartment units – $1,727 CAD
- One-bedroom apartment units cost – $2,507 CAD
- Two-bedroom units Cost – $3,356 CAD
Montreal
Montreal is also a significant metropolitan area in Canada but is especially renowned for its affordable rents compared to Canada’s different cities. The average monthly rental costs include the following:
- The cost for Bachelor’s apartment units – $1,471 CAD
- The one-bedroom apartment units have a cost of $1,775 CAD
- The average monthly rental cost of two-bedroom apartment units – $2,281 $CAD
Generally speaking, Montreal is a great place to reside due to its affordability, cultural richness, and warm environment. This place is relatively less costly and more budget-friendly than most Canadian cities. It is especially renowned for its historic architecture, vibrant cultural scene, diversity, and entertainment sector. Knowing French will be a plus point if you would like to reside here.
Vancouver
Vancouver, British Columbia, boasts the highest rental cost compared to all other metropolitan areas in Canada. Nearly 2.5 million individuals are residing in the metro region of Vancouver. A resident in the city will be able to earn nearly $ 4,082.93 every month, and the living wage in the Vancouver metro region is approximately $21.86 per hour. It comprises a high population of homeless people due to its mildness. Living here is quite expensive as it is one of the biggest cities. The average rental costs based on the three housing types are as follows:
- Bachelor Apartment units have a rental cost of nearly $2,331 CAD.
- One-bedroom apartment units have a rental cost of $2,679 CAD.
- The rental cost of two-bedroom apartment units is $3,668 CAD.
Ottawa
The city boasts of safer surroundings, cleanliness, and a welcoming culture but does comprise an average cost of living between $1,500 and 1,900 every month. It is the capital city of Canada and comprises the Canadian parliament. The rental costs in the city are as follows:
- The average rental cost of bachelor apartment units is $1,620 CAD in Ottawa.
- A one-bedroom apartment costs nearly $1,999 CAD in Ottawa.
- The cost of two-bedroom apartment units is $2,465 CAD.
Calgary
Calgary is Alberta’s most significant city and has a vast population due to its reduced tax rates. Overall, it is a fabulous city to reside in due to its robust economy and ample job opportunities, specifically in the oil and gas industry. The cost of living here is nearly $2,500 CAD, offering an excellent quality of life and family-friendly activities. The monthly rental cost based on the three types of housing is as follows:
- The rental cost is nearly $1,578 CAD for Bachelor apartment units.
- One-bedroom apartment cost – $1,885 CAD
- The cost of two-bedroom units is nearly $2,274 CAD.
Edmonton
Edmonton, Alberta’s capital city, offers mostly identical benefits, just like Calgary. The rental costs are given below:
- Bachelor apartment units have a rental cost of $1,046 CAD.
- The average rental cost of one-bedroom units – $1,349 CAD.
- The average rental cost of two-bedroom units – $1,635 CAD.
The job market, lively culture, cool nightlife, and diversity are a few reasons to stay here. The cost of living is favorable for newcomers, offering an excellent quality of life and multi-cultural restaurants and neighborhoods.
A comparison of Canada’s rental cost – Quebec City
After Montreal, Quebec is the most significant metropolitan area, and it is Quebec’s capital city and North America’s oldest region. The average rental costs are as follows:
- Bachelor apartment units – $1,048 CAD
- One-bedroom apartment units – $1,353 CAD
- The average monthly rental cost of two-bedroom apartment units – $1,713 CAD
Winnipeg
The capital city of Manitoba, Winnipeg, is also a vast metropolitan area with the following rental prices:
- Bachelor apartment units are $971 CAD.
- One-bedroom apartment units have a cost of $1,349 CAD.
- The average rental cost of two-bedroom apartment units is $1,735 CAD.
Hamilton – Comparing the rental costs in Canada
Ontario is comprised of a city, Hamilton, with an increasing population, numerous universities, and residential areas. Here are the rental costs in Canada:
- Bachelor’s apartment units – $1,459 CAD.
- The rental cost of one-bedroom apartment units – $1,781 CAD.
- The rental cost of two-bedroom apartment units – $2,116 CAD.
Kitchener
Ontario consists of a bigger city called Kitchener. This information also comprises cities like Waterloo and Cambridge, forming the municipality of Waterloo and the 10th largest metropolitan region in Canada. The average monthly rental costs are as follows:
- The average cost of Bachelor apartment units is $1,210 CAD.
- The one-bedroom apartment unit costs $1,833 CAD.
- The rental cost of two-bedroom apartment units is $2,436 CAD.
London
South-West Ontario consists of a city with a rising population, especially the student population. It is a regional center for Southern Ontario due to healthcare and education. The rental cost is given below:
- The average rental cost of Bachelor’s apartment units is $1,425 CAD.
- The rental cost of one-bedroom apartment units is $1,799 CAD.
- Two-bedroom apartment units have a rental cost of $2,163 CAD.
Halifax
Nova Scotia’s provincial capital is Halifax, which also boasts a large population. It is an economic and population hub in Atlantic Canada with an ever-rising population of new immigrants. The rental costs in Halifax based on the three housing types are as follows:
- Bachelor apartment units – $1,684 CAD
- The average rental cost for one-bedroom apartment units is $1,971 CAD.
- The rental cost for two-bedroom apartment units is $2,585 CAD.
Do you have any general queries on Canadian immigration? Get in touch with our immigration representatives at MakeHomeCanada by writing to us at [email protected].
