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RentSeeker Publishes New Rental Data Showing Top 10 Most and Least Expensive Cities to Rent in Canada

RentSeeker Team — Mon, 20 May 2019 19:15:55 +0000

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.

Canada’s Most and Least Expensive Cities to Rent Apartments: RentSeeker

RentSeeker Team — Tue, 28 Mar 2017 14:12:27 +0000

With Canada’s real estate market showing signs of stabilization in various cities, possibly and likely due to policy measures on housing by the Canadian government over the last few years, other cities like major cities; Vancouver and Toronto are still showing signs of increasing home prices for houses, condos and apartment rentals.

With so much internal discussion over the last decade or so by economists, investors, and policy makers about Canada’s real estate market in internal debate, Canada has also been making many global lists of most expensive cities to live, with real estate prices rising and reaching unprecedented levels.

According to Business Insider, Vancouver ranked #3 on the most expensive cities to live in, around the world, with the following caption showing how real estate prices are impacting the economy, both locally and globally.

Vancouver, British Columbia: House prices in Vancouver rose the equivalent of a full year’s household income in only a year; it had a median multiple of 11.8.

In a recent article published on Huffington Post, RentSeeker.ca presented multiple factors that could impact the Canadian housing and rental markets in 2017, to try and provide some clarity and insight into various possibilities that can impact the real estate market for the coming months and year.

To provide an overall snapshot of Canada’s rental market, leading Canadian real estate search website, RentSeeker.ca, published a New INFOGRAPHIC showing the Top 10 Most and Least Expensive Cities to Rent Apartments across Canada.

As expected Vancouver and Toronto are listed in the Top 10 Most Expensive Cities to Rent in RentSeeker.ca’s New INFOGRAPHIC with average rent costs for a 1 bedroom apartment in Vancouver showing at $1,159 (while the real-time asking price for many newer rental properties in Vancouver is probably closer to $1,700 to $2,300 according to data from RentSeeker.ca). Average rents for 1 bedroom apartments for rent in Toronto came in at $1,132 (while once again, the real-time asking price for newer apartment rentals on the market are closer to $1,300 to $1,400).

At the top of the list of the Top 10 Least Expensive Cities to Rent was Shawinigan in Quebec with average rents for a 1 bedroom apartment according to Canada Mortage and Housing Corporation coming in at $381.

View the full INFOGRAPHIC from RentSeeker.ca here:

(for media inquiries, or to share our INFOGRAPHIC, please e-mail us at media@rentseeker.ca)

*Data from this INFOGRAPHIC, and the above article, showing average and real-time rent prices in cities across Canada is based on data from Canada Housing and Mortgage Corporation (CMHC), and apartment finder RentSeeker.ca.

Join the conversation by following RentSeeker.ca on Twitter and RentSeeker.ca on Facebook!

20 Toronto Neighbourhoods With Affordable Townhouses

RentSeeker Team — Thu, 16 Feb 2017 23:05:48 +0000

Looking to break into the Toronto real estate market, but seek more square footage than the typical condo provides?

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.

New Report Shows Average Rents and Vacancy Rates across Canada | RentSeeker.ca

RentSeeker Team — Tue, 13 Dec 2016 19:44:11 +0000

December 13th 2016 – News Release

Canada’s Largest Real Estate Search Website – RentSeeker.ca released it’s New Updated 2016 Annual Report today showing the;

Average Rent Costs and Vacancy Rates for Apartment Rentals in cities across Canada

RentSeeker.ca’s NEW updated report and data (below) using it’s popular INFOGRAPHIC format, shows the average cost of rent and vacancy rates for the following suite types across Canada:

Studio | Bachelor Apartments
1 Bedroom Apartments
2 Bedroom Apartments and
3 Bedroom Apartments across Canada

“As one of Canada’s largest publicly traded multi-family REITs, we’ve seen occupancy and rental rates continue to remain steady through most of Canada. When the economy begins to recover in many parts of Alberta and British Columbia, we anticipate occupancy rates in these regions to improve,” said Todd Cook, President and Chief Executive Officer of Northview Apartment REIT.

RentSeeker.ca’s Housing & Rental Market INFOGRAPHICs were one of the most shared in Canada on Social Media in 2016!

For media inquiries, or to share RentSeeker’s NEW [INFOGRAPHIC], please contact us at: Media@RentSeeker.ca

(Click on INFOGRAPHIC to enlarge for full size viewing)

The new updated data and report by RentSeeker.ca follows last year’s Average Rents across Canada INFOGRAPHIC, which RentSeeker.ca released and published and was featured and shared by Canada’s largest media outlets and economists, and shared in many government and housing reports including; CTV News, Global News, CP24, Money Sense, Huffington Post, The Loop, The Toronto Foundation, and many other websites.

Let us know what you think and join the conversation by following RentSeeker.ca on Twitter and Facebook!

Newly Updated Rental Data Shows Average Rents for 20 Canadian Cities

RentSeeker Team — Wed, 14 Sep 2016 05:08:50 +0000

September 14th 2016 – RentSeeker.ca – Canada’s Leading Real Estate Listing Website and Apartment Finder, published newly updated rental data in what’s become it’s highly popular [INFOGRAPHIC] format, which has become a popular resource for Renters, Landlords, Economists, and Journalists which shows Average Rent Prices for September 2016 with Data Provided for 20 Canadian Cities.

RentSeeker.ca’s new [INFOGRAPHIC] shows updated average rent prices for 20 cities across Canada which RentSeeker.ca was able to provide through it’s extensive database of apartment listings using a newly developed real-time algorithm program. A more comprehensive report showing the average rent costs for cities across Canada is scheduled to be published in early December 2016. RentSeeker.ca’s last Canada wide report showing the average rent costs in cities across Canada was published in December 2015 and can be viewed here:

This new updated report and [INFOGRAPHIC] covers the following apartment sizes;

Average Rent Prices for Studio / Bachelor Apartments
Average Rent Prices for 1 Bedroom Apartments
Average Rent Prices for 2 Bedroom Apartments
Average Rent Prices for 3 Bedroom Apartments

and the report provides updated average pricing for apartment rentals in real-time for the following cities;

For media inquiries or to share this [INFOGRAPHIC], please contact Media@RentSeeker.ca

(Click the [INFOGRAPHIC] to Enlarge)

RentSeeker.ca’s Housing and Rental Market Reports and INFOGRAPHIC’s are utilized by Home-Buyers, Renters, Students, Landlords, Property Managers, Real Estate Brokers, Mortgage Professionals, Economists, and Journalists providing an in-depth analysis of Canada’s Real Estate landscape. This newest report follows RentSeeker.ca’s Recent Report showing the National Average Cost of Housing across Canada with Year-over-Year Price Comparisons which was featured on Huffington Post, CTV News, and other Canadian media outlets.

For up-to-date information on Canada’s Housing and Rental Markets, subscribe to RentSeeker.ca’s Newsletter on our Blog.

And follow RentSeeker.ca on Social Media:

What Affordable Housing Means and Why It’s Important

RentSeeker Team — Tue, 12 Jul 2016 17:20:48 +0000

The term ‘affordable housing’ means very different things to different people. If you ask the average 30 something year old couple trying to find a house in downtown Toronto, affordable means anything under $1 000 000 as the average cost for a detached home hit $1.26 million this month. On the other end of the socio economic ladder, many Canadians are experiencing difficulties finding a place to live within their budget in neighbourhoods they have lived in for years, and the problem is only getting worse.

The general rule of thumb regarding how much of your income should be allotted for rent is 30%. For many families, 30% of their income isn’t enough to afford a place to live and they need to spend more than that. This article shows that across the country 40% of renters spend more than 30% of their household income on rent and about 20% spend more than 50%. When a household is spending more than 50% of their income on rent, they’re at risk for becoming homeless, and that adds up to a lot of Canadians.

According to Canada’s largest real estate finder RentSeeker.ca, here are the average rent costs across Canada and here is the average cost of a house in cities across Canada.

What is Affordable Housing?

According to Canadian Mortgage and Housing Corporation (CMHC), housing is technically considered “affordable if shelter costs account for less than 30% of before-tax household income” and therefor affordable housing refers to a variety of programs and initiatives designed to help those in need.

As you can see the term ‘affordable housing’ is really an umbrella term referring to a variety of housing options that are funded from the private, public and non-profit sectors. From emergency shelters to subsidized housing, there is a range of programs designed to make housing affordable for people of all socio economic classes. Currently, the Federal Government invests approximately $2 billion into these initiates, and you can find more information about them here.

There has been a fair amount of talk in recent weeks about affordable housing, and what can be done to help those that need it. The CMHC states that 80% of Canadian housing needs are met through the open market, affirming the need to help a large number of Canadians find housing options within their means. As the national real estate market continues to explode, this issue is becoming increasingly relevant. RentSeeker is here to offer some insight into the current events that are greatly affecting the affordable housing real estate market.

The Canadian Real Estate Boom

Simply put, the real estate boom in major cities is creating affordable housing issues. The increase in the real estate market has a direct affect on rental prices, and as one increases so will the other. Foreign investment in condo opportunities has also played a part in driving up costs, but this is pale in comparison to the overall growth that popular cities have experienced in recent years. Despite the number of people waiting for a crash or even a market correction, there are no sign it will anytime soon.

Newcomers Moving to Canada

There are no shortage of jokes and memes in the media about the foreign desire to move to Canada. Whether you live in a country that is terrified about the potential of a presidential candidate winning or your country voted to ‘go solo’, Canada is a much more realistic home for many people across the world that may never have considered it before recent events. If even a small number of people who say they will move actually do so, Canada could experience a huge immigration increase in the next few years. Increasing the number of newcomers above what the country already experiences would drive up the demand for rental units, thereby making the rental market more competitive.

Turning Neigbhourhoods into Vacation Destinations

Affordable housing doesn’t just affect those living in the big cities. Areas that have become popular as vacation destinations can have a devastating financial affect on locals who can’t afford to keep up. In Ontario, the Muskoka region has seen a huge increase in housing prices just as the Okanagan region in British Columbia. For many families who have lived in these regions for decades, the cost of living has simply gotten too high.

Accessible and Adaptable Homes

These homes enable both the elderly population and those living with needs to remain in their communities, and advocates say there isn’t enough being done to help them. Accessible homes can be costly, as modifications need to be done in order to accommodate the needs of the people who live there. For many landlords, this isn’t a tempting investment when compared to utilizing development opportunities on the open market. As the Baby Boomers age, the increase of the aging population will put more stress on the system, and many are worried that retirees will have little choice but to move out of their home in search of more affordable options.

Affordable housing is a complex social issue, and unfortunately, there will always be those in need of these important services. While cities like Vancouver are ranked extremely high for unaffordable housing (just behind New York and London) there is work being done from both the private and public sectors to improve the lives of Canadians across the country. Affordable housing affects thousands of Canadians and it’s important to know what the term actually means as it becomes more prevalent in the media along with the importance of our national real estate market.