We all know how expensive rent in Canada has gotten in just over a year, as prices have been a roller coaster ride across the country.
Whether you’re looking for a studio apartment in B.C or a two-bedroom unit in Alberta, the average cost of rent by province will look much different.
According to Rentals.ca’s National Rent Report, overall rent across Canada last month saw an average of $209 per month higher than the same time a year ago and $130 per month higher than in October 2019. If we’re looking at unit type, average rents grew the fastest year over year for two-bedroom units. Per Rentals.ca, it went up 10.9% to $2,065, and one-bedroom units with a 9.9% annual growth, to $1,711.
Though these numbers are looking at Canada overall, breaking it down by province, rent prices saw the highest increase in Atlantic Canada with year-over-year growth of 32.2% to an average of $2,199.
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But simply because Atlantic Canada saw the highest increase year over year, it doesn’t mean it’s the most expensive area to rent in.
According to the report, the province with the highest average rent overall is British Columbia with $2,534, Nova Scotia right behind with $2,448, Ontario with $2,439, and New Brunswick with an average of $1,808.
In Alberta, the average rent is $1,613 right now, with Manitoba not too far behind at $1,432. Some of the lowest rent averages at the moment are in Newfoundland, where the average rent is $1,235, and Saskatchewan with its average of $1,135.
Canada’s total average is just under $2,000, at $1,976 per month for rent.
Here’s how they rank from most expensive to least per the chart:
- British Columbia
- Nova Scotia
- Ontario
- New Brunswick
- P.E.I
- Northwest Territories
- Quebec
- Alberta
- Manitoba
- Saskatchewan
When it comes to purpose-built and condominium apartments, Ontario, of course, saw an annual rent increase of 17.7%, British Columbia and Alberta saw an increase of 15.1% and 13.2%, respectively. Saskatchewan, Manitoba, and Quebec saw the slowest rate of rent growth over the past year but also recorded below-average population growth during that time frame.
Those provinces came in third with an average rent of $1,854, surpassing Quebec for the first time. But BC actually stayed on top for the most expensive province to rent in, with an average cost of $2,433 for purpose-built and condominium apartments. Ontario is just behind with an average rent of $2,372.
Here’s how they rank from most expensive to least:
- British Columbia
- Ontario
- Atlantic Canada
- Quebec
- Alberta
- Manitoba
- Saskatchewan
As we head into the winter months, we’ll keep a close eye on any changes that could come but by the looks of it, it seems like rent isn’t going down any time soon.
