8 Cities Where Average Rent In Canada Is Noticeably Dropping & 8 Where It’s Skyrocketing
One Ontario city is your best bet for cheap rent in Canada this month. 👀
Condo buildings in downtown Vancouver.
If you're looking for an apartment to rent in Canada, you probably know that now is not the best time to be on the hunt.
Average rent in Canada has never been higher, but despite the rising cost for a one-bedroom or two-bedroom apartment in cities like Toronto and Vancouver, there are some cities across the country where rent has actually gotten cheaper this year.
With the latest data from Rentals.ca showing the average cost of rent across Canada for August 2023 reached another record, it was unsurprising to see Vancouver ($2,998 for a one-bedroom and $3,879 for a two-bedroom) and Toronto ($2,620 for a one-bedroom and $3,413 for a two-bedroom) top the national list.
But, looking past those record-high numbers, Narcity took a closer at rent prices in cities that are becoming more affordable and also those places that you might want to avoid — because in some cities, prices are only getting higher and higher.
Here is your up-to-date guide on apartment hunting as of September 2023, with an eye on where you might be able to find cheap rent in Canada.
Canadian cities where average rent is dropping
Average rent in Canada hit another record high of $2,117 as of August 2023, with the average asking price for an apartment or house of any size increasing.
But, that doesn't mean every city in Canada is getting more expensive. There are several options where rent prices are dropping.
According to Rentals.ca, there were eight cities in Canada in August where the average price of rent took a notable dip last month:
- Vancouver, BC (-0.8% for a one-bedroom, -1.0% for a two-bedroom)
- Burlington, ON (-2.3% for a one-bedroom)
- Scarborough, ON (-1.1% for a two-bedroom)
- Oshawa, ON (-1.9% for a one-bedroom)
- St. Catharines, ON (-6.3% for a one-bedroom, -1.8% for a two-bedroom)
- Laval, QC (-0.8% for a one-bedroom, -0.8% for a two-bedroom)
- Winnipeg, MB (-2.3% for a one-bedroom)
- Regina, SK (-1.4% for a one-bedroom, -1.4% for a two-bedroom)
Canadian cities where average rent is going up
While Canada's most expensive city to rent in might have gotten slightly cheaper last month, there were plenty of other places where the average cost of rent continues to climb sky-high.
According to the data from Rentals.ca, there were eight cities in Canada in August where the average price of rent increased by 3% or more.
Here's where you'll want to try to avoid renting a new place — if you can:
- Brampton, ON (+3.3% for a one-bedroom, +4.5% for a two-bedroom)
- Kelowna, BC (+9.5% for a one-bedroom, +3.1% for a two-bedroom)
- Victoria, BC (+4.7% for a two-bedroom)
- Ottawa, ON (+5.5% for a one-bedroom, +6.9% for a two-bedroom)
- Langley, BC (+4.2% for a one-bedroom)
- Waterloo, ON (+3.6% for a two-bedroom)
- Abottsford, BC (+5.5% for a one-bedroom)
- Edmonton, AB (+6.9% for a one-bedroom, +3.0% for a two-bedroom)
The proof is in the numbers.
Despite the average cost of rent in Canada continuing to go up, there are still options for renters to find a place for a bit cheaper.
You just have to know where to look.
This article's cover image was used for illustrative purposes only.
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