According to the January National Rent Report from Rentals.ca and Bullpen Research & Consulting eight of the top 10 most expensive cities for renters searching for a one-bedroom home are in Ontario.
The average monthly asking rent for Canada rose 4.3 per cent year over year at the end of December.
Not unexpectedly, the report says the country’s three largest cities experienced significant rent increases in 2019 for all property types listed on Rentals.ca: Toronto at 9 per cent; Montreal at 25 per cent and Vancouver at 11 per cent.
In the January report, Mississauga came in fourth for average monthly rent for a one-bedroom at $1,971 and sixth for average monthly rent for a two-bedroom at $2,327. Oakville finished second of 30 cities for highest average monthly rent for a one-bedroom home in December at $2,108 and third for average monthly rent for a two-bedroom at $2,573.
Rents increased 7 per cent in Mississauga in 2019. According to the January report, Mississauga one-bedroom apartments cost more than those found in Vancouver, Richmond Hill, Burlington, Scarborough, Ottawa, and Montreal.
The report says Burlington finished seventh for a one-bedroom at $1,809 and eighth for a two-bedroom at $2,190.
Toronto had the priciest average monthly rent of the 30 cities on the list for a one-bedroom home last month at $2,299 and for a two-bedroom at $2,914.
As for what’s driving prices in urban cities such as Toronto, Vancouver and Montreal, the report says that young tenants are looking for walkable downtown communities where they can live without the expense of owning and parking a car.
Because the units are expensive, young professionals are squeezing into smaller units and living with roommates well into their 30s.
Rentals.ca’s recent 2020 Rental Market Predictions report, forecasts Canada’s average rental rates will increase 3 per cent year over year.
On a provincial level, Ontario had the highest rental rates in the fourth quarter of 2019, with landlords seeking $2,318 per month on average for all property types. Ontario also has the highest share of condominium apartment listings at 37 per cent of the provincial total.
British Columbia had the second-highest rental rate at $1,928 per month, while Newfoundland and Labrador had the lowest at $954, the report says. -CINEWS