This Montreal area's rent is climbing faster than almost anywhere else in Canada

Montreal-area rent prices are up across the board, according to a new National Rent Report by Urbanation & Rentals.ca.

But nowhere on the Island are prices rising as quickly as they are in one particular residential suburb, which topped the charts when compared to rent increases across Canada.

During April, the municipality of Côte Saint-Luc saw the fourth fastest annual rent growth in the country.

Average asking rents for all apartments and condos in Côte Saint-Luc are up 16% from a year ago, now at an average cost of $2,550 per month, according to the report.

Yikes! Thank goodness you don't live there... unless, of course... you do. Sorry, Côte Saint-Lucers.

If you're wondering how Côte Saint-Luc compares to the rest of Quebec, the province's average year-over-year increase was 9%, bringing the monthly price for an apartment or rental condo to $2,011 ($1,448 for a studio, $1,698 for a one-bedroom, $2,217 for a two-bedroom and $2,574 for a three bedroom), the report says.

In Montreal, rent prices also increased 9% overall with the average place costing $2,061 per month ($1,470 for a studio, $1,752 for a one-bedroom and $2,340 for a two-bedroom).

While the 16% rent increase in Côte Saint-Luc is significantly higher than Montreal's 9% (one bedrooms in particular were up just 6%), the discrepancy isn't quite as stark when compared to overall growth across Canadian provinces. The average increase for all Canadian provinces was 11% year-over-year, overall, and 15% for a studio apartment. The report says the average apartment or condo rental in Canada costs $2,150 per month.

In terms of rapidly rising rent costs, Côte Saint-Luc was beat out by three other places, which are speedily becoming more expensive to rent in. From less growth to more growth, those places are:

• Regina, Saskatchewan (increase of 17.6% with rents averaging $1,348),
• Waterloo, Ontario (increase of 18.7% with rents averaging $2,304),
• and Lloydminster, Alberta (increase of 26.7% with rents averaging $1,122).

Saskatchewan overtook Alberta to become the national leader in year-over-year rent growth this month, posting an 18.4% increase. However, like in the city of Lloydminster — which straddles the border with Saskatchewan — the province has a lot of room to grow before being considered expensive.

Despite rapid acceleration, Saskatchewan rents remained the lowest in the country averaging $1,300.

In Quebec, the lowest rent noted in the report could be found in Quebec City where a one-bedroom averages $1,294 per month and a two-bedroom costs $1,679 per month.

This article's cover image was used for illustrative purposes only.