Numerous end of year summary reports indicated that the Canadian real estate market effectively achieved a soft landing. Over the past year and half, the industry has experienced a seismic shift that has brought the astronomical prices of 2017 back down to Earth. Rising interest rates, foreign homeowner taxes and rising household debt have all been strong forces acting on the market.

All of these factors have created an environment where housing affordability measures are at all time highs, and are expected to increase. Many of the top cities in Canada are expected to see rental rates increase anywhere between 7-11% by the end of 2019, and despite the dip in buying prices, rental prices are showing no signs of slowing down.

RentSeeker.ca takes a look at the top 10 most and least expensive cities to rent in Canada.

Top 10 Most Expensive Cities For Rental Apartments in Canada

#1 – Yellowknife, NWT – Average Rent Price = $1581/month

Yellowknife is #1 on the list of the most expensive cities to rent in Canada!

#2 – Vancouver, BC – Average Rent Price = $1507/month

Vancouver comes in 2^nd place for most expensive cities to rent in Canada.

#3 – Toronto, ON – Average Rent Price = $1360/month

Toronto is the third most expensive city to rent an apartment.

#4 – Victoria, BC – Average Rent Price = $1264/month

Fourth is Victoria on our list.

#5 – Kingston, ON – Average Rent Price =  $1238/month

Kingston ranks fifth as the most expensive city to rent in Canada.

#6 – Ottawa, ON – Average Rent Price = $1214/month

Ottawa is the sixth most expensive city to rent an apartment.

#7 –  Barrie, ON – Average Rent Price = $1198/month

Barrie takes the 7^th spot on the most expensive list.

#8 – Oshawa, ON – Average Rent Price = $1153/month

Oshawa is the eight most expensive city in the country to rent an apartment.

#9 – Kelowna, BC – Average Rent Price = $1139/month

Kelowna is #9 on our list.

#10 – Edmonton, AB – Average Rent Price = $1125/month

Edmonton rounds out the list of the top 10 most expensive cities to rent an apartment in Canada

Top 10 Least Expensive Cities For Rental Apartments in Canada

#1 – Thetford Mines, QC – Average Rent Price = $461/month

Thetford Mines is the least expensive city to rent an apartment in Canada!

#2 – St. Georges, QC – Average Rent Price = $478/month

The 2^nd least expensive city to rent an apartment is St. Georges.

#3 – Victoriaville, QC – Average Rent Price = $506/month

Victoriaville is #3 on the list of least expensive cities in Canada to rent an apartment.

#4 – Edmundston, NB –  Average Rent Price = $511/month

The fourth least expensive city to rent an apartment is Edmundston.

#5 – Matane, QC – Average Rent Price = $514/month

Matane is #5 on our list.

#6 – Trois-Rivieres, QC – Average Rent Price = $534/month

The sixth least expensive city to rent an apartment in Canada is Trois-Rivieres.

#7 – Saguenay, QC – Average Rent Price = $547/month

Saguenay ranks #7 on our list of the least expensive cities to rent in the country.

#8 – Drummondville, QC – Average Rent Price = $556/month

Drummondville is the eight least expensive city to rent an apartment in Canada.

#9 – Sherbrooke, QC – Average Rent Price = $588/month

In 9^th position for least expensive city is Sherbrooke.

#10 – Kentville, NS – Average Rent Price = $672/month
Taking #10 on our list of the least expensive city to rent an apartment in Canada is Kentville.

That’s a considerable chill, even for the typically cooler July market says Lauren Haw, Broker of Record at Zoocasa Realty.  “The typical month-over-month decline from June to July is 15 per cent, this year we saw a 30 per cent decline in the same period, indicating an increased velocity in the slowdown,” she says.

The sale downturn effectively yanked on prices too – the average price for all combined home types was $746,218 last month- a 6 per-cent decline from June, though 5 per cent higher year over year. All home segments were impacted, from detached homes sales (with sales down 29.4 per cent month over month and prices down 5.25 per cent to an average of $1,000,336), to Toronto condos (sales dropped 22.3 per cent, and prices 3.46 per cent, to an average of $501,750), to Toronto townhouses (down 29.5 per cent, with sale down 1,84 per cent to $541,144).

However, those numbers look at the GTA in aggregate – some markets are certainly weathering the downward trend better than others. For those looking at renting vs buying, here is an INFOGRAPHIC from leading Canadian rental website RentSeeker.ca showing Canada’s least and most expensive cities to rent an apartment.

To illustrate how various regions are faring, real estate resource Zoocasa has compiled the data into a heat map, indicating the differences in sales and price growth (or lack thereof) per region. Check it out below:

By: Penelope Graham, Zoocasa

Penelope Graham is the Managing Editor of Zoocasa.com, a leading real estate resource that uses full brokerage service and online tools to empower Canadians to buy or sell their home faster, easier, and more successfully.

Given the average house price now tops $1.3 million in the city, according to the Toronto Real Estate Board, you better have a significant nest egg if you dream of detached living. The next best option is to find a great neighbourhood with affordable townhomes.

Average Toronto Income Comes Up Short

When it comes to homebuyer affordability, the numbers can be daunting. Let’s say a borrower earns the median Toronto household income of $76,219, pays at least 20% down on their home purchase, and qualifies for a 2% variable-rate mortgage with a 30-year amortization.

Even in this best-case scenario, they’d still only be granted $636,886 in affordability by their lender. That amounts to precious little in a market where bidding wars are the norm and homes increasingly sell for hundreds of thousands of dollars over asking.

Searching Beyond City Borders

Many buyers who find themselves priced out of the market “drive until they qualify”; they’ll buy a house in a further-flung GTA community – TREB reports the average home can be found there for $795,569 – and brace for a daily car or train commute.

But suburban life isn’t for everyone. And, while raising a family in a high-rise is becoming a more common tactic (developers are even creating larger units to meet demand), it’s not an ideal situation for all.

Townhomes: The New Toronto Real Estate Reality

For buyers who wish to remain in the city but need more space, townhomes are quickly becoming the new low-rise standard. According to MLS townhouse and detached house sold numbers compiled by Zoocasa, the average detached home price skyrocketed a whopping 83.% from 2011 to 2016. By comparison, townhome prices surged only 53.3%, to an average of $562,187 – still within the realm of affordability for many Toronto buyers.

To help homebuyers on their home search, Zoocasa has identified the top 20 most affordable neighbourhoods for Toronto townhomes, along with the change in demand, and average time on the market.

Check out the infographic below to find a townhouse option in your price range

By: Penelope Graham, Zoocasa

Penelope Graham is the Managing Editor of Zoocasa.com, a leading real estate resource that uses full brokerage service and online tools to empower Canadians to buy or sell their home faster, easier, and more successfully.

There are many factors which need to be considered for both renting and buying, including understanding all the financial responsibilities for both,  the risk vs. reward, and even emotional factors which are crucial to this decision process, since for most consumers, purchasing a home is the largest investment of their lifetime.

RentSeeker.ca, Canada’s leading apartment, condo and home finder, has built a new, one of a kind, Rent or Buy Calculator to help consumers compare the costs associated with renting vs. buying.

The new Rent or Buy Calculator by RentSeeker.ca provides valuable tools including pre-inputted average rent costs for many cities across Canada which users can find by choosing a province, city and bedroom type, or users can input their own rent costs in the custom field for “Monthly Rent”.

Should You Rent or Buy? This New Rent vs. Buy Calculator Will Help You Decide!

For media inquiries or to share our new Rent vs. Buy Calculator,  please email:  media@rentseeker.ca.

There was a time when owning a home was a bit of a status symbol – but times have changed. In 2015, renting has its perks.

The real estate market is in a volatile place, and young people may not feel secure in investing such a tremendous amount into a market that is unstable.

House prices across Canada has also increased drastically – for a single family home in Vancouver you are looking at upwards of a million dollars – and we’re not even talking something with tennis courts and an indoor swimming pool.

Renting is fast becoming a preferred option for millennials who value freedom and don’t want to become “house poor”. Let’s take a look at five of the leading reasons why renting can be a better choice than owning a home.

1. Renting doesn’t tie you down – owning does.

When you rent a home or apartment, you sign a lease. That lease may be for any length of time as agreed to by the owner and tenant.

If you want to take a 3-month trip to Europe in the near future, you can find a rental that comes with a 6-month lease.

Then you can pack up and leave without looking back – or having to pay rent while you’re gone.

When you own a home, you are in it for the long hall.

If you take a trip, you are still going to have to make mortgage payments. And no one wants to be making mortgage payments from their hotel room in Rome.

2. Renting is easier on the budget.

This is true for multiple reasons. When you rent, you have the monthly rental amount to pay and (potentially) your utilities.

When you own a home, you have to pay for everything. Toilet broken? Yup, you’re heading to Home Depot to fork out cash for a new pump.

Fridge on the fritz? You guessed it – YOU are responsible for buying a new one.

As a renter, when appliances break down or things go wrong around the house the landlord is responsible for repairs and replacements.

3. Home ownership is time consuming.

Renting comes with fewer responsibilities than owning a home.

If you are renting a condo, townhouse, or apartment, chances are that you don’t have yard work to contend with.

You can spend your weekends catching up with friends on a local patio or binging on your favourite show.

When you own a home, all the maintenance creeps up on you and you might spend your Saturday cleaning out the drainpipes and mowing the lawn.

4. Renting allows you to save for the things that are important to you.

When you rent, your budget is predictable. You know what your monthly rent is and your utility costs.

You aren’t ever going to have to unexpectedly pay for a new washer and dryer or an emergency plumbing call. This allows you to be able to put aside extra money for those things you really want – a trip, a new car, and a sweet HD TV.

While home owners often find their extra funds going to necessities, you, as a renter, will have more freedom to have fun.

5. Renting gives you options.

As a renter, you aren’t tied down to your home. If you move into your new place and discover you have less than desirable neighbours or that you simply don’t love your new neighbourhood, you can move when your lease is up.

You can try out different communities in your city and find out, through real experience, which one is best for you.

You can even try out different living spaces – apartments, townhomes, or duplexes – to see which really suits your lifestyle best.

Renting is a fantastic option when you are looking to move to a new place. You get a great space to call home without being dragged down by all the responsibilities and costs of home ownership.

Renting gives you the best of both worlds – a place to call home AND the freedom to live your best life.

Make sure to check out our Rent vs Buy Calculator to see which makes sense for you financially.