CMHC Pins Average Cost of 1-Bedroom Apartment in the GTA at $1,350: Report
While it’s no surprise that Toronto is home to some of the priciest rents in the country, new data suggests that Canada’s largest city might not be the most expensive for renters after all.
In fact, RentSeeker.ca compiled data on the average rental and vacancy rates across the country for all apartment types — including studio to three-bedroom units — based on the latest data collected by the Canadian Mortgage and Housing Corporation (CMHC), which revealed the Greater Toronto Area (GTA) ranked second in Canada for the highest average rent for a 1-bedroom, with average prices of $1,356 per month.
Disclaimer: The following information includes the latest data collected by the CMHC, as of January 2020 (the latest data currently available). Rent prices may have changed since the time of this writing. All prices quoted below are average rents for studio, 1-bedroom, 2-bedroom, and 3-bedroom apartments.
However, the average rent in the GTA is just $26 less than in Vancouver, according to the report, where the average 1-bedroom apartment is $1,382. The top five most expensive cities is rounded out with Ottawa ($1,178), Victoria ($1,127), and Kingston ($1,101), respectively.
When it comes to studio apartments, Vancouver claims the top spot with a monthly average of $1,227, while the GTA follows behind with a monthly average of $1,138.
For 2-bedroom apartments, Vancouver once again secures the top spot boasting a monthly average of $1,748, while the GTA in the second spot averages at $1,547 a month.
Unsurprisingly, Vancouver is also the most expensive city to rent a 3-bedroom ($2,063) per month, but what should come as a surprise is Ottawa is the second-most expensive city with a monthly average of $1,819, while Kingston ranks third at $1,805 per month. The GTA follows behind Kingston with a monthly average of $1,721 per month.
Interestingly enough, vacancy rates across Canada do not correlate with the average rent prices, as average lowest vacancy rates are spread out throughout the country.
For studio apartments, Vancouver has the lowest vacancy rate of 0.7%, while Regina has the highest at 11.8%. Victoria has the lowest vacancy rates for one-bedroom apartments (0.9%), while Regina has the highest (9.7%). As dor 2-bedroom apartments, Halifax has the lowest vacancy rates (0.9%), while Regina, once again, has the highest (6.3%). And for 3-bedrooms, Whitehorse has the lowest vacancy rates (0.5%), while Saskatoon has the highest (6.2%).
You can take a look at RentSeeker.ca’s full list of average rents across the country below.