BUSINESS

Want To Rent An Apartment In Canada For Under $1,000? Forget It

Rental rates have risen in most Canadian cities over the past year.

08/15/2017 15:34 EDT | Updated 08/17/2017 08:13 EDT

Most of Canada's rental markets have seen substantial rate hikes over the past year, with Toronto and Vancouver prices for one-bedroom units now heading for the $2,000 mark.

And it's becoming decidedly difficult to rent an apartment in most major Canadian cities (and some minor ones) for under $1,000.

For the first time ever, Padmapper's monthly survey of rental rates found that the median price for a one-bedroom apartment topped $1,000 in Canada's 10 priciest cities. The survey launched last June.

Padmapper

The Padmapper data shows the median price for a one-bedroom apartment in Vancouver is $1,990 this month, up 13.7 per cent in a year. Harder-to-find two-bedroom units were up 3.2 per cent, to $3,200. The city remains the priciest region to rent an apartment in Canada.

Toronto has seen one-bedroom rents climb 8.8 per cent in the past year, to $1,850. Two-bedroom units rose to $2,450, up 14 per cent in a year.

Market experts say Toronto and Vancouver are experiencing spillover from their owner-occupied housing markets, which have seen rapid price growth until recently.

Growing numbers of prospective buyers are staying put in rentals due to high prices, reducing the availability of rental units, they say.

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Very few Canadian cities have seen rental rates drop over the past year, but there are some: Calgary has seen one-bedroom rates drop 5.6 per cent, as the city continues to struggle with high unemployment rates caused by the oil bust.

Edmonton, also in the oil patch, has seen rental rates fall too, down 9.5 per cent in a year, to $860 for a one-bedroom apartment. Windsor (down 15.4 per cent) and St. Catharines (down 7.3 per cent) also experienced falling prices for one-bedroom units.

Check out Padmapper's full list of rental prices for Canadian cities:

Padmapper

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