When it comes to real estate, Canada doesn’t keep it cheap.
Recently, it was found that one Canadian city actually has the most unaffordable real estate market in all of North America, beating out uber-expensive American cities like New York City and San Francisco.
Vancouver was the city in question, in case you couldn’t guess that on your own. The study, however, was based off of buying a house.
Is renting in Vancouver, and other major Canadian cities like Montreal and Toronto, really quite as expensive?
Time to find out.
Apartment-hunting website Padmapper, in its monthly report on Canadian rent, outlines the most and least expensive urban centres in the nation when renting out an apartment.
Unsurprisingly, Vancouver came out on top as the priciest. For a one-bedroom apartment in Vancouver, the average rent is a startling $2,120.
Toronto came in second, with an average 1-bedroom rent set at $1,940.
But here’s the kicker: Montreal didn’t come in third.
No, the smallish Ontario city of Barrie claimed the third place spot. A 1-bedroom apartment in Barrie will cost you, on average, $1,250.
Montreal, coming in fourth on the list, is $20 cheaper, with the average rate-of-rent for a 1-bedroom set at $1,230.
Anyone familiar with Barrie, ON knows that it is far from a big city. The fact that Barrie outpaces Montreal for rent prices demonstrates the ever-increasing rental rates going on in Ontario, which probably has to do with more and more people being priced out of Toronto, thus making smaller markets like Barrie hotter-than-before.
Of course, we all know Montreal is fantastic when it comes to rental prices. But the fact that a 1-bedroom in Montreal is almost $1,000 cheaper than in Vancouver or Toronto is a heart-warming factoid.
How does the rest of Canada stack up? And, more importantly, which Canadian cities can you actually afford to rent an apartment?
Check out the rundown of the ten most expensive Canadian cities for rentals below, with prices for 1-bedroom units included. You can see the full list (including the least expensive cities) here.