Montreal Ranked The #15 Most Affordable Rental Market In Canada, Toronto Ranked Dead Last
While it's becoming more and more difficult to find an apartment in Montreal, the (kinda) good news is that we're still not as expensive as our neighbours to the west.
According to Rentals.ca July rental report, Toronto is the most expensive city to rent an apartment. On average, renters will pay on average $2,266 a month for a one-bedroom apartment.
Of the 33 cities listed, Montreal comes in as the 15th most affordable, costing renters an average of $1,285 for the same type of space.
Vancouver comes in a close second behind Toronto with rentals at $1,990.
With average costs on the upswing across Canada, it's no wonder that over 44% of Canadians can't afford their rent.
Average rents in Ontario continued to outpace other major provinces in Canada. Check out our Rent Report feature on… https://t.co/ktyMN8Ow3P— Rentals.ca (@Rentals.ca) 1561729253.0
What's even worse is the average size of apartments across the country is going down. In October of last year, the average size was just over 1,010 square feet, they're now at approximately 933 square feet.
So we're all paying more for a lot less.
It's great that Montreal hasn't hit Toronto levels yet, but with vacancy rates dropping to a record 1.9%, the influx into non-permanent residents and the ever-popular Airbnbs, it's still worrisome for most of us.
Montreal has also "re-claimed the top spot" for the crown of Canada's tightest housing market. Not quite the crown you want for your city.
Montreal re-claims top spot in Scotiabank Economics' housing market tightness rankings according to #CREA data for… https://t.co/BS2moUS0UF— Scotiabank Economics (@Scotiabank Economics) 1563218266.0
And let's not forget, Montreal is one of the fastest-growing cities in North America...just a few spots behind, you guessed it, Toronto.
Does anyone else remember the good ole days of Montreal apartments when renters had an abundance of choices and rents you wanted to brag about to your non-Montreal friends?