It’s time to face reality: Canada is home to some of the most expensive cities to live in the world, as rising real estate and rental prices contribute to a higher cost of living. Major cities such as Toronto and Vancouver continue to experience heating housing markets, despite recent policy measures put in place by the federal government. In fact, Vancouver has been ranked as the third most expensive city in the world, according to Business Insider, which stated: “House prices in Vancouver rose the equivalent of a full year’s household income in only a year; it had a median multiple of 11.8.”
It should come as no surprise that Vancouver rental stock, along with apartment rentals in Toronto, rank among the top most expensive rental markets in Canada, according to the latest data from Rentseeker.ca.
It finds the average rent costs for a one-bedroom apartment in Vancouver has hit $1,159. Average rents for one-bedroom apartments for rent in Toronto, meanwhile, come in at $1,132.
The least expensive city to rent in Canada? That would be Shawinigan, Quebec, with an average rent for a one-bedroom apartment of just $381, according to Canada Mortgage and Housing Corporation.
Check out the full infographic, titled Canada’s Most and Least Expensive Cities to Rent Apartments, below:
