Record rental rates; Vancouver remains the most expensive city in Canada...

By: 600011 On: Feb 2, 2024, 3:23 AM


Vancouver continues to top the list as the city with the highest rental rates in Canada. Vancouver is the most expensive city to live in the country. According to a report by the Canada Mortgage and Housing Corporation, the median monthly rent for a two-bedroom apartment was $2,181 in 2023. Meanwhile, the average rent for a two-bedroom condo apartment is $2,580. In 2023, rental rates in the city increased by 8.6 percent. The rental vacancy rate was unchanged at 0.9 percent.

The rental market report explains that a record increase in immigration and a decrease in homeownership affordability have led to rental demand.

Toronto is the second most expensive city in Canada. The average two-bedroom apartment rent in Toronto is $1,961 per month. The least expensive city is Montreal. A two-bedroom apartment in Montreal costs $1,096 a month.