Renting a property in Canada can be a rollercoaster ride, with costs varying significantly across different cities. Let’s explore the five most expensive and least expensive cities for renters based on the average cost of one-bedroom and two-bedroom apartments in November 2023, as revealed by the latest Rent Report by Rentals.ca.
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| Navigating Canada's Rental Landscape: A Dive into the Most and Least Expensive Cities |
The Five Most Expensive Cities to Rent a Property
Unsurprisingly, the top five most expensive cities are situated in larger Canadian provinces, particularly Ontario (ON) and British Columbia (BC). Out of Canada’s 25 priciest rental markets, 23 are located in these two provinces (14 in ON and nine in BC). Here’s the breakdown:
- Vancouver, BC
- bedroom: $2,872
- bedroom: $3,777
- Burnaby, BC
- bedroom: $2,647
- bedroom: $3,341
- Toronto, ON
- bedroom: $2,607
- bedroom: $3,424
- Oakville, ON
- bedroom: $2,524
- bedroom: $3,337
Mississauga, ON
- bedroom: $2,352
- bedroom: $2,851
The Five Least Expensive Cities to Rent a Property
In contrast, Canada’s five least expensive cities by average rent are all located in the prairie provinces of Saskatchewan (SK), Alberta (AB), and Manitoba (MB). Here’s a glimpse of affordability:
- Saskatoon, SK
- bedroom: $1,109
- bedroom: $1,340
- Regina, SK
- bedroom: $1,191
- bedroom: $1,405
- Fort McMurray, AB
- bedroom: $1,226
- bedroom: $1,478
- Red Deer, AB
- bedroom: $1,249
- bedroom: $1,464
- Winnipeg, MB
- bedroom: $1,282
- bedroom: $1,692
Note: The complete report covers average rental costs for 35 cities across Canada.
Navigating the rental landscape in Canada involves understanding the diverse affordability scenarios in different cities. Whether you’re aiming for the bustling urban life of Vancouver or the more budget-friendly options in Saskatoon, knowing the rental dynamics can help you make informed decisions about your next home.
For more insights into Canada’s rental market and other immigration-related topics, visit our blog.
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