Would you like to know the Canadian cities with the highest and lowest rental prices? A rental report was published in November. This report analyzed the average rent for 1 and 2 bedrooms within 35 Canadian cities.
Furthermore, the report exclaims that Canada’s rental price has increased by $175 in the previous six months. In addition, rents underwent a massive high for six consecutive months, with $2,178 in October in Canada.
The yearly percentage of rental growth in Canada was nearly 9.9 percent in October. It depicts the second-fastest yearly rise of the previous seven.
The report even elaborated that Canada’s rental inflation is due to the rise in rental costs in Alberta, Nova Scotia, and Quebec. This situation is an outcome of robust population growth and new rental supply with costs above the average market rents.
Canadian cities with the highest and lowest rental prices – Which are the most affordable Canadian cities for rental purposes?
The recent rental report confirms the five most affordable Canadian cities to rent. They are as follows:
- Saskatchewan – The average rental cost for one bedroom is $1,109, and it is $1,340 for two bedrooms.
- Regina, SK – The average rent for one bedroom costs $1,191 and $1,405 for two bedrooms.
- Fort McMurray, AB – The average rental price for a single bedroom is $1,226, while for two bedrooms, it is $1,478.
- Red Beer, AB – The average rental price for a single bedroom is $1,249 and the price for two bedrooms is $1,464.
- Winnipeg, MB – For a one-bedroom, the average rental cost is $1,282; for a two-bedroom, it is $1,692.
The most affordable places for rent in Canada are usually found in smaller cities and rural regions. Manitoba and Saskatchewan, the Prairie provinces, witnessed the highest monthly rental increases. Manitoba observed a rise of 5.5 percent, while Saskatchewan saw an increase of 4 percent.
In Manitoba, the average asking apartment rental increase reached $1,510, and it rose to 7.6 percent each year in October. This is in contrast with the 3.1 percent yearly growth in September. The apartment rent in Saskatchewan increased to 5.8 percent each year in October to a median of $1,409. This increased from the Y-O-Y rate of increase in September.
The least affordable Canadian cities
The rental report of November 2023 states that there are five nearly five least affordable cities for rent in Canada. They’re as follows:
- Vancouver, British Columbia – The median rental cost for one bedroom is $2,872, while the cost for two bedrooms is $3,777.
- Burnaby, British Columbia – For one bedroom, the average rental price is $2,647, while for two-bedroom, it is $3,341.
- Toronto, Ontario – The median rental cost for one bedroom is $2,607, and for two bedrooms, it is $3,424.
- Oakville, Ontario – The average rental price for one bedroom is $$2,524; for two bedrooms, the rental cost is nearly $3,337.
- Mississauga, Ontario – For a one-bedroom, the average rental cost is $2,352; for a two-bedroom, it is $2,851.
Overall, Canada has around 25 of the costliest rental markets, out of which nearly 14 are in Ontario, while 9 are in British Columbia.
Also, Vancouver still ranks at the top for being the most expensive city, with the highest average rental cost. Following this city, there are the General Toronto Area and Peel Region.
Conversely, the data also reflects that Toronto’s costs have declined by 1 percent in the Y-O-Y monthly price. This decline is the first yearly rental decline witnessed since August 2021.
British Columbia has kept up the highest average rental costs for apartments, with $2,639 in October. However, the rental costs in this province declined slightly from one month to another. This calls for the second monthly consecutive decrease. Overall, it represents that the rental prices in B.C. might continue to drop.
On the other hand, Ontario was the province that grew at the slowest pace in apartment rents in October. This represents a rise of 4.6 percent, in contrast with a 6.6 percent rise in September.
Finding a rental place in Canada – What is the process?
Although it is quite challenging to search for a Canadian rental place, it is essential to understand the type of place you want to reside in and determine your budget.
Canada provides a variety of rental and permanent housing alternatives to new immigrants. This includes a wide range of duplexes or triplexes, apartments, townhouses, single-family detached and individual rooms.
- Usually located in homes or buildings, apartments are single-family homes with one, two, or three bedrooms.
- Separate houses on their property are known as single-family detached homes; duplexes and triplexes are residences divided into two or three sections.
- Townhouses can be built with three or more units that share walls and may be piled up to create distinct top and bottom levels;
- Homes can also be divided into separate bedrooms rented out to different people.
During your rental search, the key recommendation is to look for particular neighborhoods in the region you seek to shift to. In addition, you must use free services like Google Maps to analyze the general area and also the specific neighborhood.
You will be able to figure out several rental places once you become clear about the kind of place you want to live in and the location.
Ways to conduct the rental search
The simplest method for a rental search is to stroll around the neighborhood you seek to reside in and look forward to signs like “For Rent.” You might even ask the superintendent for the availability of units currently or in the near future.
Different places to search for apartments or rental housing include the following:
- Realtor.ca – It is a website that enables you to find Canadian rental properties. Several filters are available to simplify the search through location, property type, and cost.
- Digital Rental Listings Platform – Zumper and PadMapper are exclusive rental searching properties in Canada. These allow rental property seekers to filter properties based on price, location, and bedroom numbers. Besides, these platforms also enable users to view apartment locations on the map.
- Rental Agencies
- Grocery stores with Bulletin Boards, medical clinics, service clubs, laundromats, real estate offices, and community centers.
- Local Immigrant Settlement Agency – Several agencies provide housing services, such as assistance in searching for a place to reside and comprehending your rights and duties as a tenant.
If you seek information on how to begin your Canada immigration application process, you can email our MakeHomeCanada experts at [email protected].
