With the latest surge in interest rates, many Canadians are reconsidering their plans of becoming homeowners and are opting to explore the rental market instead, according to
According to the rental market trends in the first quarter, Vancouver has maintained its position as the priciest city in which to rent, while eight out of the top 10 most expensive cities are in Ontario.
Vancouver’s average rate for all property types is now $2,585 per month, according to the platform. Meanwhile, Toronto, the second most expensive city in Canada for renting, has an average monthly rent of $2,302.
Of the 22 cities analyzed in the report, Quebec City, with an average monthly rent of $1,108, ranked as the city with the cheapest housing, the report stated.
The report notes that this metric is influenced by various factors beyond a city's location. Additional factors such as the availability of extra space, additional bedrooms, balconies and the inclusion of furnishings all play a significant role in determining the average.
For instance, Ontario’s smaller cities --- such as Guelph, Hamilton and Barrie --- are among the top five most expensive places to rent in the country, but this is partially because the listings available in those cities typically offer a bit more space and extra bedrooms, when compared to available rentals in larger cities.
Another example according to the report is that renting a one-bedroom plus den with a balcony in major cities like Vancouver, Toronto, Calgary and Montreal will cost you nine per cent ($190) more per month than a unit without a balcony, so a city with more of these types of units would have a higher average.
When considering all property types in Canada, the average rental rate in the first quarter of 2023 was $1,840 per month. Detached housing demanded the highest average rent at $2,420 per month, closely followed by townhouses at an average of $2,393 per month.
Furthermore, among rental listings in Canada, 31 per cent are for two-bedroom units and 26 per cent for one-bedroom units. However, two-bedroom units are priced 22 per cent higher than one-bedroom units ($1,743 compared to $1,425).
Townhomes and condo apartments were the most expensive property types in Canada in the first quarter with a monthly rent of $2,393 and $2,183 respectively.
The Kijiji report predicts that there may be further rent growth throughout the year.
1. Vancouver - $2,585 (average for all types of housing)
2. Toronto - $2,302
3. Guelph, Ont. $2,139
4. Hamilton, Ont. - $2,134
5. Barrie, Ont. – 2,130
6. Kitchener, Ont. – 2,119
7. Ottawa - $2,022
8. Kingston, Ont. - $2, 013
9. Halifax - $2,007
10. Peterborough, Ont. $1,993
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