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A house in Richmond. Right: An apartment building in Saskatoon.

A house in Richmond. Right: An apartment building in Saskatoon.

There's still hope, renters! The cost of rent in Canada is on the up across the country, but there are still a few places where it's below $1,000 a month.

According to a new report by Rentals.ca, rent prices are rising across Canada and are nearly back up to the pre-pandemic high of September 2019.

The average rent for an apartment in Canada in July 2022, according to the report, was $1,934. This indicates a yearly increase of 10.4%, which is just $20 under the September 2019 high average of $1,954.

While that is the average across property types — including townhouses, condos and basement apartments — you can still find some cities that have properties with rent costs far below that.

According to the report, the cheapest city to rent a one-bedroom is currently the Albertan city of Lloydminster. Here, the average cost of rent is $836. That price goes up to $977 if you're looking for a two-bedroom.

While it sounds relatively affordable, this is actually up 16% since July 2021.

After that comes Saskatoon, with a one-bedroom running you $987 per month and a two-bed costing $1,153 — an increase of 7.8%

The last place listed in the report where you can apparently still find a one-bedroom apartment under $1,000 is Regina.

There, the average rent is $999, although if you're looking for a two-bedroom, you'll have to fork over $1,196. For a one-bedroom, this is up by 2.3% from the previous year.

After those cities, come Edmonton ($1,054 for a one-bedroom), Lethbridge ($1,089), Red Deer ($1,102) and Winnipeg ($1,164).

Still, nearly every single one of these cities is more expensive than last year

Of course, the priciest places to rent are exactly where you'd expect and have seen double-digit percentage increases in the last year.

Number one is Vancouver, where the average rent is $2,500 for a one-bedroom, followed by North Vancouver ($2,411) and Richmond ($2,292).

Toronto makes it in at fourth, with the average cost for a one-bedroom being $2,257.

There is some good news for anyone looking for a long-term abode though. The cost of owning a home is now starting to go down in some places. You can catch downward trends in regions across Canada, especially in provinces that saw the biggest realestate uptick during the pandemic.

This article's cover image was used for illustrative purposes only.

    Tristan Wheeler
    Trending Staff Writer
    Tristan Wheeler is a Staff Writer for Narcity Canada’s Trending Desk focused on money and budgets and is based in Toronto, Ontario.
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