In April 2024, rent prices across Canada surged by 8.3% compared to the previous year, as reported by Statistics Canada's Consumer Price Index. Alberta experienced the most significant hike at 16.2%, marking the eighth consecutive month of increases, coinciding with the influx of people moving into the province from other regions.
According to Rentals.ca's May 2024 report, the average monthly rent in Canada hit $2,188, excluding the territories and grouping Atlantic Canada. Among the provinces, only three had average rents below $2,000.
To gauge what $2,000 a month could secure in major Canadian cities, we delved into rental listings:
Vancouver, BC: $1,900 fetches a 380-square-foot studio with coin laundry, a rarity for pet-friendly rentals.
Calgary, AB: $1,950 rents a 589-square-foot, one-bedroom apartment in the Beltline area, offering amenities and in-suite laundry.
Edmonton, AB: A downtown two-bedroom, two-bathroom unit goes for $1,999, inclusive of air conditioning, heat, and water.
Saskatoon, SK: $1,960 gets a spacious three-bedroom, one-bathroom apartment on Main Street, reflecting the city's affordable rental landscape.
Regina, SK: Despite a 7.9% rent hike in 2023, $1,949 secures a sizable three-bedroom townhouse.
Winnipeg, MB: $1,925 rents a two-bedroom apartment near Osborne Village, reflecting Winnipeg's deviation from typical urban rental trends.
Ottawa, ON: $1,930 suffices for a studio downtown, although rental condominiums face a low vacancy rate.
Toronto, ON: In the GTA, $2,000 leases a compact studio with shared laundry, highlighting the area's affordability challenges.
Montreal, QC: $2,000 secures a studio with amenities downtown, amidst a scarcity of affordable units.
Quebec City, QC: A three-bedroom near Laval University rents for $1,990, amid record-low vacancy rates and high rent growth.
Halifax, NS: Just outside downtown, a one-bedroom apartment rents for $1,995, reflecting the city's tight rental market.
As rents climb, concerns over affordability deepen, prompting discussions and initiatives to alleviate the strain on families across Canada. Join us in exploring Calgary's affordability crisis in our special series, "Squeezed: Navigating Calgary's High Cost of Living," where real stories shed light on this pressing issue.
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