In Canada’s most costly cities, the average monthly rent is more than three times the median income.
The average monthly rent in Vancouver is now $2,519, up from $2,189 in December 2020 by more than 15%.
Oakville was the next most expensive city, with a rent increase of 9% to $2,473 per month. With an average rent of $1,014 per month, Regina was the cheapest city.
In addition to monthly rent, other expenses can increase or decrease your monthly budget.
For example, you’ll need to pay a security deposit, which is a one-time fee, to cover the cost of repairs or cleaning.
Once you’ve moved out, you’ll be responsible for paying for utilities such as electricity, heat, water, internet, cable, and more.
Finally, you’ll need to furnish your home with furniture and bedding in order to make it livable for you.
In the last four years, the average rent per square foot in Canada has increased by about 1%.
The price of a home in Vancouver has steadily risen per square foot.
In Montreal and Quebec City, the average price per square foot is currently $3.34, which is over three times the national average.
The average monthly rent in each of those cities has increased by 3.4 percent per year, implying that the price per square foot is increasing even faster.
In December 2018, the average rent per square foot in Canada jumped from $2,280 for a one-bedroom condo to $2,950 for a two-bedroom property.
However, the average price of a two-bedroom condo in Toronto is still lower than it was in the fourth quarter of 2019.
In Vancouver, the average rent per square foot rose 1.3 percent to $2130 for a one-bedroom home and $3230 for a two-bedroom unit.
The average rent per square foot in Canada increased by 1.4 percent to $1,955 in Q4-2021, up from $1,955 in Q4-2019.
In Q4-2020, the cost of a two-bedroom apartment in Toronto was the same as it was in Q4-2019.
The average rent per square foot for a one-bedroom apartment in Toronto was $2,260, but in Vancouver, it increased by 2.5 percent. It hit a high of $3230 in the second quarter of 2019.
The average rent per square foot for a two-bedroom property in Canada was $2,269 per square foot in the fourth quarter of 2020.
The average price per square foot in Toronto increased by 1.3 percent over the same time the previous year.
In Toronto, the average rent for a two-bedroom apartment was $22,850. A one-bedroom unit in the city of Montreal cost $1,920 on average over the same time period.
Despite the fact that the national average rent per square foot is low, the cost of a one-bedroom apartment is higher than the national average.
Aside from rent, there are a number of other expenses to consider when moving to a new location.
A security deposit in Canada, for example, can be up to 50% of the unit’s cost, and it’s a good idea to have one.
Another cost of renting a home is utilities. The cost of energy, which is thirteen cents per kilowatt-hour, is frequently included in the rent.
In Ontario, telecommunications services cost $168 per month. It’s important to note that utilities and insurance are not included in the rent and must be paid separately.
In Vancouver, for example, a one-bedroom apartment might cost up to $5,800 per month.
Frequently, utilities are not included in the rent. Electricity costs 13.3 cents per kilowatt-hour in Ontario, for example.
On average, a thousand KWH will cost $133 per month.
Telecommunication services cost about three cents per kilowatt-hour as well.
Despite the fact that these costs appear to be high, the majority of Canadians believe they are not overpaying for healthcare.
In British Columbia, the average monthly rent is $1,229 dollars. Although this figure is higher than the national average, it is still lower than the Quebec and Alberta averages.
In British Columbia, the average monthly rent is $4,513. In Ontario, a liter of gasoline costs $0.9915.
In Nova Scotia, the average monthly cost of electricity is $2,687. The cost of water in Alberta is $5,800.