Canada's rent prices hit an all-time record high and Quebec is actually looking pretty good
This year's unofficial Montreal Moving Day — July 1 — has reportedly left hundreds of local renters without leases, as eviction numbers soar and tenants face unaffordable housing options.
But if you're considering fleeing the province in search of cheaper living expenses, you might want to hold off for the moment. A recent report from Urbanation & Rentals.ca shows that rent prices nationwide have hit an all-time record high, and you're probably better off in Quebec than many other provinces.
@rentals.ca RENT REPORT JUST DROPPED!! Head to rentals.ca for the full report! #renters #rentalindustry #rentreport #housing #canada #rentprices
According to the report, average asking rents for all residential property types in Canada reached $2,202 per month in May, surpassing $2,200 for the first time.
This is an increase of 9.3% year-over-year since May of 2023 — the same annual growth rate as April, which is consistent with the average annual growth of 9.1% during the past three years, the report says.
Here's where it gets interesting for us Quebecers: Quebec was actually the only province to record a month-over-month decline in apartment rent prices in May, dipping 0.6% from April to an average of $1,999, which is $203 less than the national average.
Keep in mind that, like all provinces in Canada, Quebec still saw a rise in annual apartment rents for "purpose-built and condo rentals" during May, with Quebec's asking rents up 6.7% from last year. Ontario definitely wins that round considering its asking rents went up just 1% in the same time period.
But, all in all, when compared to other provinces and territories, Quebec stacks up decently in terms of its average listed rent prices for apartment and condo listings — and by "decently," we mean right in the middle. Obviously, there are fluctuations depending on factors such as the specific city you live in as well as the size of the apartment or condo, but for those of you who are happy in La Belle Province, it may not be worth a move if the sole purpose is to save on rent money.
Here's the report's ranking of "Average Listed Rent by Province and Unit Type for Apt. and Condo Listings: May 2024" from least to most expensive:
- Manitoba ($1,623)
- Northwest Territories ($1,801)
- Alberta ($1,787)
- Quebec ($1,999)
- Atlantic Canada ($2,067)
- Ontario ($2,423)
- British Columbia ($2,526)
This article's cover image was used for illustrative purposes only.
Average listed rent by province and unit type for apartment and condo listings in January 2024.
A bar graph showing 12-month rent increase percentages in Canada's largest cities.Courtesy of Rentals.ca and Urbanation
A bar graph showing 12-month rent increase percentages in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec. Courtesy of Rentals.ca and Urbanation