What’s the average rent in Canada per month for 1 person? As of 29 July 2024, it’s approximately $2,193, reflecting a significant increase due to high demand and rising housing costs. Renting a home in Canada has become more expensive these days. The average rent for a residence last month was $2,193 per month. This is a significant increase from last year. Rents rose 10.5%, the fastest increase since September 2023.
Rents Break All Records in 2024
In 2024, Canada set a new record for rental housing. Average monthly rent was $2,193, up 10% from last year. A report from Rentals.ca shared these numbers.
The Most Expensive Cities
Some Canadian cities are more expensive than others. Vancouver is the most expensive, with a one-bedroom apartment going for $2,700 a month. Burnaby averages $2,600, followed by Toronto at $2,521. Over the past two years, rents in Canada have increased by 22%. This means that people will pay an average of $390 more per month.
Why Are Rents Going Up?
There are two main reasons why housing costs in Canada have been rising so far. First, the population is growing very rapidly. Many people indicate that they will seek greater accommodations. Second, buying a home has become increasingly difficult for many. When buying a home is difficult, many people look for places to buy. This high demand drives up rents.
Average Rents In Different Cities
The cost of renting depends on where you live in Canada and the type of location. In November 2023, the average rent for all types of homes in Canada was $2,149.
Expensive Cities
Here are the average monthly rents in some of the most expensive cities in Canada.
Vancouver: Bachelor apartment $2,331, one bedroom $2,679, two bedroom $3,668
Toronto: Bachelor apartment: $1,727, one bedroom $2,507, two bedroom $3,356
Burnaby: One bedroom $2,600
More Affordable Cities
- Rental rates are cheaper in some areas of Canada, especially in sparsely populated or rural areas. Cheap apartments for rent in canada under $100 to $500 Example:
- 1. Saskatoon
- 2. Regina
- 3. Edmonton
- 4. Quebec City
- 5. Winnipeg
- Rents in these cities are low compared to cities like Vancouver and Toronto.
Factors Affecting Rent Prices In Canada
Many factors can affect how much you pay in rent:
Location: Rents are generally higher in big cities and lower in small towns.
Property Type: Apartments, houses and condos can have different rental costs.
Location specificity: Even within the same city, some neighborhoods are more expensive than others.
Average Rent Prices In Canada Top 12 Cities
To find out about average rental costs, information is gathered from several places like Canadian Housing and Mortgage Corporation (CHMC), Local government sources, Institute for the Living, Online real estate websites such as Rentals.ca and Zumper.ca, CTV, Global News and other news outlets, Rentals in cities etc.
Toronto
Toronto is the largest city in Canada and has high rent prices. The average monthly cost is:
Bachelor apartment: $1,727
One-bedroom apartment: $2,507
Two-bedroom apartment: $3,356
Montreal
Compared to other major cities, Montreal is a great city in Canada with affordable rents. The average cost is:
Bachelor apartment: $1,471
One-bedroom apartment: $1,775
Two-bedroom apartment: $2,281
Vancouver
Vancouver has the highest rents. The average cost is:
Completed building: $2,331
One-bedroom apartment: $2,679
Two-bedroom apartment: $3,668
Ottawa
Ottawa is the capital of Canada. The average cost is:
Bachelor apartment: $1,620
One-bedroom apartment: $1,990
Two-bedroom apartment: $2,465
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Calgary
Calgary, Alberta is a large, low-tax city. The average cost is:
Bachelor apartment: $1,578
One-bedroom apartment: $1,885
Two-bedroom apartment: $2,274
Edmonton
Edmonton, also in Alberta, has similar benefits. Average rents are:
Bachelor apartment: $1,046
One-bedroom apartment: $1,349
Two-bedroom apartment: $1,635
Quebec City
Quebec City is an old city with a history. The average cost is:
Bachelor apartment: $1,048
One-bedroom apartment: $1,353
Two-bedroom apartment: $1,713
Quebec City
Winnipeg is the capital of Manitoba. The average cost is:
Graduate apartment: $971
One-bedroom apartment: $1,349
Two-bedroom apartment: $1,735
Hamilton
Hamilton is home to many Ontario universities and homes. The average cost is:
Bachelor apartment: $1,459
One-bedroom apartment: $1,781
Two-bedroom apartment: $2,116
Kitchener
Kitchener, Waterloo and Cambridge is a great place. The average cost is:
Bachelor apartment: $1,210
One-bedroom apartment: $1,833
Two-bedroom apartment: $2,436
London
Many students live in London, Ontario. The average cost is:
Bachelor apartment: $1,425
One-bedroom apartment: $1,799
Two-bedroom apartment: $2,163
Halifax
Halifax is the capital of Nova Scotia. The average cost is:
Completed building: $1,684
One-bedroom apartment: $1,971
Two-bedroom apartment: $2,585
Renting a home in Canada is getting more expensive, especially in urban areas. Depending on the city and type of house, the average rent can vary greatly. If you want to pay a mortgage, it’s good to know the costs in different areas, and the factors that can affect these prices.
FAQ
What’s The Average Rent In Toronto 1 Bedroom In 2024?
Toronto One-bedroom apartment Rent Is: $2,507
What’s The Average Rent In Toronto For Students?
Average Rent In Toronto For Students Is $1727
What’s The Cost Of Living In Toronto For International Students Per Month?
Cost Of Living In Toronto For International Students : 1500 CAD to 2000 CAD (INR 92.83 thousand to 1.23 Lakhs) per month.
What’s The Cost Of Living In Canada For Indian Single Person?
Cost Of Living In Canada For Indian Single Person: $1,727 for single person and $3,911 for a family of four.