If you felt like renting got a little pricier this year, well friend, you’re probably right. The website Rentals.ca has released its December rent report, and almost every major city in Canada has seen prices go up. Although, there are a couple of exceptions here and there. Let’s check it out!
While Vancouver remains the most expensive city to rent in Canada, Toronto appears to be catching up. Over the last year, the average 1-bedroom in Toronto has increased 7.99% ($2,040), while 2-bedrooms have shot up a whopping 11.09% ($2,764). Vancouver isn’t far behind though, with 1-bedrooms increasing 7.73% ($2,132) and 2-bedrooms going up 10.71% (($2,998). Looks like the battle for the most expensive market continues!
In contrast, the Prairies have seen a much more modest year. Calgary, for example, has seen the price of 1-bedrooms rise 2.84% ($1,233) and 2-bedrooms 3.75% ($1,551). Meanwhile, Edmonton is one of the few major cities to see prices fall in 2021, with 1-bedrooms going down 1.73% ($1,023) and 2-bedrooms down 1.87% ($1,258).
As for the city with the biggest swing this year, that title actually belongs to Kitchener, Ontario. One-bedrooms in that city have shot up a serious 15.01% and 2-bedrooms aren’t offering much of a break, also up 13.87%. Ontario as a whole seems to be popping off, actually, occupying 9 of the top 10 most expensive rental markets in Canada.
Sadly, it seems like Canada’s march towards sky-high rental prices is back on track, after taking a break last year. To check out the rental report for Canada in full, just click here.