Canada's 4 Most Expensive Cities To Rent In Are All In BC & Here's What People Have To Pay
Vancouver's pricier than Toronto right now!
All of Canada's most expensive cities to rent in are now in B.C., and people in Metro Vancouver are having to cough up over half of their monthly income for rent alone.
This month people in Toronto get to laugh at those in Vancouver, who are having to spend more to live in the West Coast city.
The October rent report from liv.rent was released, and if you live in B.C. you should look away because it's not good news. Or all those considering making a move to the province soon, just take this as a warning to come with lots of cash.
The rent report compiled data and broke down the average rental costs around Metro Vancouver, as well as ranked the most expensive cities in Canada. Hint: They're all within a few hours of each other.
Where is rent the highest in Canada?
In October 2022 the highest rent in Canada for an unfurnished one-bedroom is in West Vancouver. In second place is Vancouver, followed by North Vancouver and then Burnaby.
How much is rent in Vancouver?
According to the report, the average rent for a furnished one-bedroom in Metro Vancouver is a steep $2,376. For an unfurnished one, the average sits at $2,256.
Toronto isn't that far behind though, with an average for a furnished one-bedroom being $2,338.
What salary do you need to live in Vancouver?
The report said that on average people are spending 51.37% of their income on rent.
A cost of living database called Numbeo estimates that a single person in Vancouver is going to spend about $1,311.49 a month, without rent.
So if you're planning a move to the city hopefully you're at least able to spend over half of your salary to rent, and then around $1,311 of it per month on other costs.
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