The average monthly cost of renting a home in Canada hit a record high of $2,024 in November, according to new data, and experts say the upward trend shows no signs of abating anytime soon.
According to the November 2022 Rent Report published Tuesday on the Rentals.ca website, the average rent across the country hit a record high last month, registering a 2.5% increase from October. The average monthly rent also increased by $224 compared to the same month last year, a gain of 12.4%.
While the average rent for a one-bedroom apartment rose 8.3% to $1,710, two-bedroom apartment rental prices saw the biggest increase, growing 11 percent. 7% from a year ago to $2,090.
Vancouver remains the most expensive place to rent an apartment in Canada, with the average price of a one-bedroom unit now standing at $2,633 per month. Toronto is in second place at $2,532 for a one-bedroom apartment, on a list of 35 Canadian cities.
In Quebec, the rent for a one-bedroom apartment averaged $1,572 in Montreal, up 6% year-on-year. It was $1,721 in Gatineau (+20.7%), $1,398 in Laval (+0.8%) and $1,174 in Quebec City (+22.2%). For a two-bedroom apartment, the average rent was $2,072 in Montreal, up 5.9% year-on-year. It was $1,871 in Gatineau (+1.8%), $1,898 in Laval (+10.4%) and $1,572 in Quebec City (+12.4%).
The report was based on data gathered by Rentals.ca and Urbanation from monthly online listings.
With Duty