Renters In These Canadian Cities Have A Lower Quality Of Life & The Prices Are Eyewatering

It likely comes as no surprise that the cost of rent in certain Canadian cities can be considerably higher than others, but recent data now shows that those who live in the pricey cities have an overall lower quality of life than homeowners.

In particular, two major Canadian cities were singled out by Statistics Canada.

"From 2021 to 2023, people living in Toronto and Vancouver were less likely to report a strong sense of belonging to their community when compared with those living in the rest of Ontario or British Columbia," said the government.

As well, people living in those two cities were also less likely to report high life satisfaction than elsewhere in their respective provinces.

The feds noted that a factor that could be adversely impacting quality of life is financial strain.

"In both Toronto and Vancouver, housing was significantly less affordable than the national average," they explained.

In 2021 in Toronto, 30.3% of households lived in unaffordable housing, with Vancouver seeing a slight dip in that number at 29.6%. As well, 12.6% of Torontonians spent over half of their income on shelter costs, with that number jumping to 13.3% in Vancouver.

While the government data looked at historical information, in current rental markets, the prices of renting in Toronto and Vancouver are expected to climb in 2024, according to Zumper.

For a one-bedroom apartment in Toronto and Vancouver, it'll cost you about $2,450 and $2,700 respectively, with that price jumping up to $3,200 in Toronto and $3,800 in Vancouver for a two-bedroom.

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