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

 

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.