Since 2020, the cost of living has risen twice as fast as normal. Specifically, the Consumer Price Index increased by nearly 17% in Canada between March 2020 and 2024 — an average of more than 4% per year, double the so-called “normal” inflation of 2%. But what about the average increase in rents?
In Trois-Rivières and Rimouski, the average price of an available home jumped by about 50% between the springs of 2020 and 2024. In Sherbrooke: by 44%. In Quebec City and Gatineau: by 33%. Montreal is doing slightly better, with an increase of 27%.
In other words: the cost of living has increased rapidly, but the cost of housing has increased even more!
This is data from a report recently published by the Regroupement des comités logement et associations de locataires du Québec (RCLALQ). As it does every year, this organization carefully scrutinizes the available housing ads published on Kijiji.
“When tenants move, rent increases are so uncontrolled that the rental market has become completely unaffordable,” states the RCLALQ in its report.
The organization believes that “the lack of rent control, particularly during moves, is a determining factor in the explosion of rents and the erosion of affordability.”
How much does it cost to be a tenant?
In its report, the RCLALQ details average rents according to the size of rental housing in Montreal, Quebec, Sherbrooke and Trois-Rivières.
Unsurprisingly, Montreal is the most expensive city to live in. A small 3 ½-room apartment costs around $1,500. A large apartment, 5 ½ and up, rents for an average of nearly $2,300. All types of accommodation combined: the average rent in the metropolis is over $1,700.
Since the median gross income in Montreal is nearly $43,800, or approximately $3,650 per month, according to the most recent data available from Statistics Canada, a person with this income level should devote more than 45% of their budget to their rent.
However, the Financial Consumer Agency of Canada recommends that the population not exceed the 35% mark of their gross income for housing.
In Quebec City as in Sherbrooke, the average rent posted for rental housing is a little more affordable and is around $1,300. In Trois-Rivières, it is nearly $1,200.