Toronto Has Been Dethroned As Canada's Most Expensive City When It Comes To Rent

The pandemic has played a role in this.

Trending Senior Staff Writer

When it comes to the most expensive rent in cities across Canada, Toronto has been beaten out by another Canadian spot as being the most costly.

According to a report provided to Narcity by that looks at rental prices in the first three months of 2021 compared to the same time in 2020, Vancouver has now surpassed Toronto for the highest average rent.

Editor's Choice: 7 Adorable Houses For Sale Under $400K In The Canadian City Named Best Place To Live

The report says this change is partly because of how the COVID-19 pandemic has impacted the real estate market in Canada. It turns out that rent prices in Vancouver have been the least affected by COVID-19.

For a furnished one-bedroom home, the average cost at the beginning of 2021 was $1,890 in Vancouver, $1,723 in Toronto and $1,428 in Montreal.

The average rent at the start of the year for an unfurnished one-bedroom was $1,676 in Vancouver, $1,685 in Toronto and $1,200 in Montreal.

Who are Canada's renters?

According to the report, there has been a decline in the number of young people who are renting a place to live in Canada since January 2021.

So far this year, 29% of renters were under 25 years old in January, 28% in February and 27% in March.

The 25 to 34 age group accounted for 45% of tenants in January and February and then 46% in March.

People between the ages of 35 and 44 made up 15% in January and 16% in both February and March.

When it comes to the older age groups, 7% of renters were between 45 and 54 years old and 4% were older than 55 in all three months.

More from Narcity

Comments 💬

Our comment section is a place to promote self-expression, freedom of speech and positivity. We encourage discussion and debate, but our pages must remain a safe space where everyone feels comfortable and the environment is respectful.

In order to make this possible, we monitor comments to keep spam, hate speech, violence, and vulgarity off our pages. Comments are moderated according to our Community Guidelines.

Please note that Narcity Media does not endorse the opinions expressed in the comment section of an article. Narcity Media has the right to remove comments, ban or suspend any user without notice, or close a story’s comment section at any time.

First and last names will appear with each comment and the use of pseudonyms is prohibited. By commenting, you acknowledge that Narcity Media has the right to use & distribute your content across our properties.