From $381 to $1,401: Canada's most and least expensive rental markets
The downtown core of Vancouver is seen in a 2016 photo taken in CTV's Chopper 9 by Pete Cline.
Published Wednesday, March 29, 2017 2:57PM PDT
The cost of renting a one-bedroom apartment per month varies by more than $1,000, depending on where in Canada the apartment is.
A recently released infographic compiled by RentSeeker.ca shows the average rate landlords ask for a one-bedroom ranges from as little as $381 in a small Quebec city to as much as $1,401 in the Northwest Territories' capital. Scroll down or click here to view the graphic.
The graphic used data from the Canada Mortgage and Housing Corporation to rank Canada's 10 most expensive and 10 least expensive markets based on the average rents for bachelor apartments and one-, two- and three-bedroom units. They were ranked based on the combined total of all four averages.
Unsurprising to some, Yellowknife ranked highest on the list of expensive markets. The northern city has a population of about 20,000, and affordable rentals are in short supply.
RentSeeker's graphic shows the average price of a bachelor pad is $1,159, while those looking for a one-bedroom pay an average of $1,401. Renters looking for two bedrooms pay an average of $1,636, and tenants living in three-bedroom apartments pay about $1,900.
While Yellowknife's high ranking is expected, Vancouver's place on the list may come as a surprise to residents of the city. Vancouver is ranked fourth most expensive, after Wood Buffalo, Alta. and Oakville, Ont.
The average price for a one-bedroom in Wood Buffalo, a regional municipality in northeastern Alberta, is about $1,250, the data showed. The region of about 72,000 includes Fort McMurray, an area heavily damaged by wildfire last May. The massive fire forced more than 80,000 people to flee the region, and destroyed more than 2,400 homes and other buildings. A report earlier this year estimated the cost of damage caused by the fire at $8.9 billion.
In Oakville, a suburb of about 194,000 in the Greater Toronto Area, renters pay about $35 less per month than in Wood Buffalo.
In Vancouver, the average rate for a one-bedroom was $1,159, according to the housing statistics. Those living in bachelor apartments pay about $1,013, while two-bedrooms go for $1,450 and three-bedrooms cost about $1,630, says CMHC.
Richmond ranked fifth on the list, with one-bedrooms going for an average of $1,083. Toronto was sixth at $1,132 per month for a one-bedroom. Burnaby and Oak Bay also made the list, where one-bedroom apartments rent for an average of $1,019 and $866 respectively. While it's cheaper to rent a bachelor and a one-bedroom in Oak Bay, the municipality ranked higher on the list because of the average costs for two- and three-bedroom units.
The top 10 most expensive list is as follows:
- Wood Buffalo, Alta.
- Oakville, Ont.
- Richmond, B.C.
- Richmond Hill, Ont.
- Oak Bay, B.C.
- Burnaby, B.C.
- Mississauga, Ont.
While the data represents average rent costs across the country calculated over time, the average asking price of current listings are much higher in many markets, RentSeeker.ca said. On Wednesday, the site's real-time rent average calculator listed the average rent for a one-bedroom in Toronto at $1,257. Vancouver's real-time averages are often closer to $1,700 or $2,300, according to the site.
RentSeeker also ranked the country's least pricey markets, a list largely made up of small cities in Quebec.
The cheapest city for one-bedroom rentals is Shawinigan, located between Montreal and Quebec City, with an average rate of $381 per month. The rent is $1,020 lower than in the most expensive city.
Bachelor apartments are rented for an average of $344 per month, $815 lower than in Yellowknife. Two-bedrooms are an average of $1,160 less than in Yellowknife, and three-bedroom apartments are $1,393 less, the data showed.
The top 10 least expensive cities to rent in are as follows:
- Shawinigan, Que.
- St. Georges, Que.
- Alma, Que.
- Victoriaville, Que.
- Montmagny, Que.
- Matane, Que.
- Bathurst, N.B.
- Edmundston, N.B.
- Trois-Riveres, Que.
- Saguenay, Que.
View the graphic in a larger size here.