Another month, another record for the cost of living in Canada’s largest city.
As they do every month, Padmapper has just released its Canadian Rent Report for the month of April. And it does every month, the price of renting an apartment in the majority of Canada’s urban centres remains outrageously unaffordable.
Let’s start in Toronto, the country’s most expensive place to live. According to rental data from hundreds of thousands of active listings, a one-bedroom in Toronto is now fetching an average of $2,040 a month. A one-bedroom in Vancouver, meanwhile, currently goes for around $2,010 a month. Canada’s second largest city, Montreal, actually saw rental prices drop 1.5% to $1,280 a month for a one-bedroom.
Here are Canada’s 10 most expensive cities to rent an apartment:
According to Padmapper, “15 cities saw an upward rental growth trend, 6 downward, and 5 stayed flat last month.” Some interesting notes about the most recent data:
- – Rent for both one-bedroom and two-bedroom apartments in Toronto is up around 15% since this time last year.
- – Burnaby saw the largest spike in the top 10 markets for one-bedroom (4.9%) and two-bedroom apartments (4.4%).
- – Only two cities among Canada’s most expensive are outside of Ontario and British Columbia (Montreal and Calgary).
- – Halifax saw the biggest dip in the price of a one-bedroom apartment compared to last month (-4.4%).
- – Barrie is more expensive than Montreal. Let that sink in.
Take a more detailed look at the data below:
Stay tuned to next week’s edition of the Canadian rent report to find out if Vancouver can reclaim its throne as Canada’s most unaffordable place to live. Meanwhile, you should move to Moncton.