You Can Actually Find Rent In Most Major Canadian Cities Under $1574 Per Month
Rent is definitely not cheap in some bigger Canadian cities. However, that doesn't mean all hope at finding cheap rent is lost. The average rent in Canada is actually higher than the cost of rent in most major cities. So there are still places in Canada where rent isn't too expensive.
According to the November 2019 rent report from Rentals.ca, the average price of rental apartments in Canada hit $1,574 a month in October 2019.
A lot of Canadian cities have rent slightly below or way below that national average.
"Canada is really a tale of three markets, immense strength and tight conditions in Ontario and British Columbia, flat or falling rents in Alberta and Saskatchewan, and relatively stable conditions in the remainder of the country," the report stated.
The average monthly cost of rent across Canada for October was actually a 7.7% increase from last year at the same time when the average rent was $1,461.
Also, in the last year, Hamilton has seen a rent increase of just over 24%, making it the fastest rising rent in the country.
While that's not great news for Hamilton, the report does have some promising information.
Of the 36 cities ranked as part of the Rentals.ca rent report, only 14 cities have one-bedroom rentals with monthly costs higher than the national average.
Victoria comes in just below the national rent average at $1,564 a month.
Hamilton and two other cities in B.C. follow closely after Victoria and have rent costing about $1,500, $1,400 and $1,300 each.
"Annual rent growth in Canada continues to exceed inflation," Ben Myers, president of Bullpen Research & Consulting which helped with the report, said in a news release. "The national figures are propped up by hot markets in Ontario and BC, which are still suffering from a lack of new supply."
So while the national average is pricey, there are still places in Canada where rent is cheap.
Eight cities, like Halifax, Regina, and Edmonton, have average rent costs for a one-bedroom between $1,000 and $1,190 a month.
Six major cities in Canada even have rent below $1,000.
Gatineau, Red Deer, Saskatoon, Lethbridge, Quebec City, and St. John's have an average monthly rent for a one-bedroom apartment anywhere from $969 to $870.
Oakville, Scarborough, and Victoria had the highest rent increases from the previous month to October.
Even though rent has risen 7.5%, 6.9%, and 6.0%, respectively, in a month, those cities aren't even the most expensive ones in the country.
While bigger cities in Canada like Toronto and Vancouver still have insanely high rent, most major cities have rent that is cheaper than the national average and that's a small victory.