The average rent for a one-bedroom unit in July surpassed $1,500 on the Rentals.ca platform, the latter revealed in its monthly real estate market report.
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According to the cumulative data of all classified ads published on the site, the average price of three and a half apartments in the metropolis reached $1,543 per month, which is an 8.9% increase in one year.
For its part, the average rent for a four-and-a-half reached $1,958 per month, up 5.7% over a year.
From Quebec’s perspective, Montreal ranks second among the most expensive cities behind Gatineau, where three-and-a-half bills an average of $1,551 a month, an amount that’s up 20.3% in just one year.
BC and Ontario at the top
On the other hand, if you look at Canada as a whole, the metropolis comes in at 24e of the most expensive cities according to Rentals.ca.
The top 20 cities are completely dominated, with the exception of Halifax in 16e Place of cities in British Columbia and Ontario. In fact, the Pacific Province almost single-handedly dominates the top 5 most expensive cities to live in.
Average rentals advertised on Rentals.ca in July in the country’s largest cities reached $1,640 per month for three-and-a-half apartments and $2,098 per month for four-and-a-half apartments. These amounts have increased by 10.68% and 14.20% respectively over a year.
“The two main factors affecting rental prices are the continued return to the office, which is driving rents higher in key markets across Canada, and rising interest rates, which are reducing housing affordability for landlords,” said exposed Rentals.ca in its analysis.
Some cities in the list. Monthly price for one and two bedroom apartments, with annual variation in brackets)
1- Vancouver, BC: $2500 (+14.4%) /// $3630 (+19.4%)
2- North Vancouver, BC: $2411 (+26.6%) /// $3131 (+17.6%)
3- Richmond, BC: $2292 (+31.4%) /// $2782 (+26.5%)
4- Toronto, On: $2257 (+21.6%) /// $3259 (+25%)
5- Victoria, BC: $2,107 (+20%) /// $2,836 (+34.8%)
14- Ottawa, On: $1767 (+9.7%) /// $2206 (+8.5%)
23- Gatineau, Qc: $1551 (+20.3%) /// $1810 (+10.6%)
24- Montreal, Qc: 1543 (+8.9%) /// $1958 (+5.7%)
27-Laval, Qc: $1,257 (-6.4%) /// $1,757 (+3.7%)