Rents in Canada are through the roof. Here are the most expensive cities
Global News
After hitting a record high, the average monthly rent remains above $2,000 for the second straight month in Canada, according to a national report.
Rent prices are through the roof across Canada as decades-high inflation has increased the cost of living in the country.
The national average rent last month was $2,005 – an increase of more than 12 per cent compared with December 2021, according to Rentals.ca’s January 2023 Rent Report.
Vancouver remains the most expensive city to rent in Canada, with the average price of a one-bedroom unit at $2,596 per month.
Toronto is in second place at $2,457 for a one-bedroom followed by Burnaby, B.C. ($2,450), the Etobicoke area of Toronto ($2,172) and Mississauga, Ont. ($2,145), based on a list of 35 Canadian cities.
In Halifax which came in 10th position, a one-bedroom unit is priced at an average of $1,987.
The cheapest cities in which to rent on that list were all in Alberta, with a one-bedroom going for $840 in Lloydminster, Alta., which ranked at the bottom.
Nationally, the average rental for a one-bedroom rose by 7.9 per cent in December 2022 to reach $1,681, but two-bedroom rentals had the biggest jump of 9.4 per cent from the year before to $2,044.
The year-over-year overall average rent increase for all types of apartment and condo listings was highest in Kitchener, Ont., and Halifax, which saw a 31 per cent jump in December 2022.
