The Price Of An Apartment In Toronto Is Now 3 Times The Price Of An Apartment In Quebec City
Time to move to Quebec City.
Rents in cities across Canada continue to climb as an influx of foreign investment, a housing shortage, and the rise of luxury condo developments drive up costs-of-living. Vancouver, Toronto, and even Montreal, once a bastion of affordability, are becoming inaccessible for most Canadians.
Smaller cities, meanwhile, have become destinations for young people looking to get the most bang for their buck. Windsor, Saskatoon, and Halifax are beginning to attract Canadian Millennials who have been priced out of bustling downtowns.
A new report from PadMapper, a popular real estate site, shows just how large this disparity between prices in large and small Canadian cities has become.
According to the PadMapper May 2019 Canadian Rent Report, for example, the rent for an apartment in Toronto is nearly three times that in Quebec City, the capital and second-largest city in Quebec.
A one-bedroom in Quebec City costs on average $810/month while a similar apartment in Toronto costs $2,250/month. The monthly rent of a two-bedroom in Toronto, meanwhile, is more than three times than in Quebec City — $2,850 and $900, respectively.
Toronto tops the list with the most expensive one and two bedroom apartments in Canada. Vancouver comes in second place while Montreal and Calgary occupy the fourth and thirteenth positions, respectively.
Quebec City is tied with St. John's in 22nd place among the "24 most populous metro areas," according to PadMapper. Windsor, Saskatoon, and Regina round out the five least expensive cities.
Encouragingly, the average rent for a one-bedroom apartment in Toronto fell 0.4% between March and April. The average price of a two-bedroom apartment in Québec City, meanwhile, fell by a whopping 5.3% during the same period.
"The PadMapper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings across the country. Listings are then aggregated on a monthly basis to calculate median asking rents" in each of the largest cities in Canada, PadMapper explains.
The report "[provides] a comprehensive view of the current state of the market" and is "based on all data available in the month prior to publication. Any data that is reported does not include short term or Airbnb listings."
To conclude: Average rent for one and two-bedroom apartments is around 3 times the price of similar apartments in Quebec City.