Numerous end of year summary reports indicated that the Canadian real estate market effectively achieved a soft landing. Over the past year and half, the industry has experienced a seismic shift that has brought the astronomical prices of 2017 back down to Earth. Rising interest rates, foreign homeowner taxes and rising household debt have all been strong forces acting on the market.
All of these factors have created an environment where housing affordability measures are at all time highs, and are expected to increase. Many of the top cities in Canada are expected to see rental rates increase anywhere between 7-11% by the end of 2019, and despite the dip in buying prices, rental prices are showing no signs of slowing down.
RentSeeker.ca takes a look at the top 10 most and least expensive cities to rent in Canada.
Top 10 Most Expensive Cities For Rental Apartments in Canada
#1 – Yellowknife, NWT – Average Rent Price = $1581/month
Yellowknife is #1 on the list of the most expensive cities to rent in Canada!
#2 – Vancouver, BC – Average Rent Price = $1507/month
Vancouver comes in 2nd place for most expensive cities to rent in Canada.
#3 – Toronto, ON – Average Rent Price = $1360/month
Toronto is the third most expensive city to rent an apartment.
#4 – Victoria, BC – Average Rent Price = $1264/month
Fourth is Victoria on our list.
#5 – Kingston, ON – Average Rent Price = $1238/month
Kingston ranks fifth as the most expensive city to rent in Canada.
#6 – Ottawa, ON – Average Rent Price = $1214/month
Ottawa is the sixth most expensive city to rent an apartment.
#7 – Barrie, ON – Average Rent Price = $1198/month
Barrie takes the 7th spot on the most expensive list.
#8 – Oshawa, ON – Average Rent Price = $1153/month
Oshawa is the eight most expensive city in the country to rent an apartment.
#9 – Kelowna, BC – Average Rent Price = $1139/month
Kelowna is #9 on our list.
#10 – Edmonton, AB – Average Rent Price = $1125/month
Edmonton rounds out the list of the top 10 most expensive cities to rent an apartment in Canada
Top 10 Least Expensive Cities For Rental Apartments in Canada
#1 – Thetford Mines, QC – Average Rent Price = $461/month
Thetford Mines is the least expensive city to rent an apartment in Canada!
#2 – St. Georges, QC – Average Rent Price = $478/month
The 2nd least expensive city to rent an apartment is St. Georges.
#3 – Victoriaville, QC – Average Rent Price = $506/month
Victoriaville is #3 on the list of least expensive cities in Canada to rent an apartment.
#4 – Edmundston, NB – Average Rent Price = $511/month
The fourth least expensive city to rent an apartment is Edmundston.
#5 – Matane, QC – Average Rent Price = $514/month
Matane is #5 on our list.
#6 – Trois-Rivieres, QC – Average Rent Price = $534/month
The sixth least expensive city to rent an apartment in Canada is Trois-Rivieres.
#7 – Saguenay, QC – Average Rent Price = $547/month
Saguenay ranks #7 on our list of the least expensive cities to rent in the country.
#8 – Drummondville, QC – Average Rent Price = $556/month
Drummondville is the eight least expensive city to rent an apartment in Canada.
#9 – Sherbrooke, QC – Average Rent Price = $588/month
In 9th position for least expensive city is Sherbrooke.
#10 – Kentville, NS – Average Rent Price = $672/month
Taking #10 on our list of the least expensive city to rent an apartment in Canada is Kentville.
