Talk about pricey! Canada’s most expensive cities to rent a small apartment were just revealed in a new report and the average costs in some spots are eye-watering.
On February 15, rental company PadMapper shared their data exploring which Canadian cities were the least affordable for people wanting to rent a one-bedroom home.
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At the top of PadMapper’s list was Vancouver, B.C., where the average price for a one-bedroom rental is $1,940 per month.
For a two-bedroom space, this climbs to a whopping $2,630.
Toronto wasn’t too far behind, with rent for a smaller apartment costing around $1,770 per month on average.
Burnaby, in B.C., and Barrie, in Ontario, took third and fourth place on the ranking, where similar rentals cost $1,680 and $1,650 per month respectively.
The top five was rounded off by Victoria, in B.C., where one-bedroom spaces set Canadians back $1,570 on a monthly basis.
Both Ontario and British Columbia have the most cities on the list, with spots like Kelowna, Ottawa, Kitchener and Hamilton all listed as super-expensive.
The only other province to have a top-ten city was Quebec, with Montreal coming in ninth place.
Despite the eye-watering prices, PadMapper’s research suggests that rental costs in some of these cities are actually going down.
The data reveals that in both Vancouver and Toronto, one-bedroom rentals are the cheapest they’ve been in several years.
“It seems the continuous rent price declines from renter migration out of Canada’s two most expensive rental markets have not stopped, even as COVID-19 vaccines have begun to roll out,” the report concludes.