We are quite fortunate in Montreal to be able to find affordable housing, despite being on a land-locked island. Not to mention that we can get a lot of bang for our buck.
Montrealers can feel instinctively that rent in our city is lower than other large cities, and a new study confirms this hunch. PadMapper analysed data for 24 different cities and mapped the median rent for each.
Montreal ranked fourth, behind Toronto, Vancouver, and Burnaby.
TL;DR Montreal ranked fourth out of 24 cities in terms of median rent for one and two bedroom apartments in a study done by PadMapper.
The PadMapper study looked at the median rent for one and two bedroom apartments in 24 cities.
For those of you who fell asleep in stats classes, the median is the "middle" number in a list of values (as opposed to the mean, which is the total of the numbers divided by the number of numbers).
The median montly price for an apartment in Montreal is listed as $1500 for a one-bedroom and $1780 for a two-bedroom apartment.
In comparison, a one bedroom in Toronto costs $2260 while the median one-bedroom price in Vancouver is $2100.
Rents in all five of the five most expensive cities have remained stable this month. This in in contrast with cities that saw a high spike in rent prices like Kitchener (up 4.%) and Barrie (up 3.4%).
Quebec City, by contrast, "had the largest monthly rental decline in the country, falling 5.8% to $810" for a one bedroom, according to PadMapper.
The province of Quebec has remained a bastion of affordability as prices across the country skyrocket. Though, in recnt years, an influx of investment in Montreal has begun to drive up rent in central boroughs.
As apartment hunting season begins, it's worth considering the variation of values across the city. While the median monthly price for a Montreal apartment is $1500, that amount will pay for vastly different apartments between downtown and St-Laurent, for example.
To give you an idea of apartments across Montreal, check out this list of $1,000/month apartments in each city borough.
Happy apartment hunting!