Toronto Isn’t The Most Expensive Canadian City For Rent After All: Report
Toronto might have ranked No. 1 for highest rent in Canada for five months straight, but new data shows it might not be the most expensive city for tenants after all.
RentSeeker.ca compiled data on average rental rates across Canada for all apartment types (studio to three-bed units). They found that Toronto actually ranked at number three for highest rent, with average prices of $1,360 per month.
Rent in the 6ix is roughly $150 cheaper than in Vancouver, according to the new report. In the West Coast city, the average rent is $1,507.
Surprisingly, Yellowknife beat out two of Canada’s biggest cities to take the No. 1 spot. On average, a tenant pays $1,581 in the Northwest.
So why is there a discrepancy between RentSeeker.ca’s findings and other rent reports? That’s because the National Rent Report by Rentals.ca and Bullpen Research & Consulting, as well as Padmapper’s rent report, do not include Yellowknife as a contender since it is not one of the top municipalities in the country.
As a result, the findings differ. The Rentals.ca and Padmapper report both show higher numbers for rent in Toronto and Vancouver based on data from their sites. The former shows average rent for a one bedroom as $2,242 in Toronto and $1,828 in Vancouver. The latter found prices in Toronto were at $2,250 for a one-bed unit and $2,130 in Vancouver.
Previous data by Canada Mortgage and Housing Corporation confirms RentSeeker.ca’s report. In 2016, CMHC noted that Yellowknife tenants had the highest rent in the country, paying $200 more than tenants in Toronto and Vancouver.
“Living in the North is hard,” said CMHC analyst Timothy Gensey at the time. “It’s expensive. Everything has to be trucked up. To actually make money back and make apartment buildings viable, you have to charge higher rent.”
Last year, CMHC released new rent figures for the city. They reported that Yellowknife tenants paid $1,614 per month compared to the national average of $987.
So which other cities made the top five list of most expensive rent? According to RentSeeker.ca, that would be Victoria, B.C. and Kingston, Ont. They charge an average of $1,264 and $1,238, respectively.
Take a look at RentSeeker.ca’s full list of average rents across the country below.