Cost of Renting in Canada: Most Expensive Cities for Apartments in May 2023

Posted by:Aleksandr Belov Posted on:May 17,2023

As of May 2023, rental prices for apartments in Canada remain high, with Vancouver and Toronto leading the pack as the most expensive cities to rent in. Vancouver tops the list with a one bedroom apartment costing a staggering $2,600 per month, an increase of 18.20% from the previous year. Toronto follows closely behind with a one bedroom apartment priced at $2,400 per month, an increase of 20.60% from the previous year.

The rest of the top five most expensive cities for one bedroom apartments in Canada include Burnaby, Victoria, and Kitchener. Burnaby comes in at number three with a one bedroom apartment costing $2,350 per month, an increase of 14.10% from the previous year. Victoria follows at number four with a rental price of $2,000 per month, an increase of 9.30% from the previous year. Kitchener rounds out the top five with a one bedroom apartment priced at $1,880 per month, a decrease of 1.10% from the previous year.

The Most Expensive Canadian Cities for 1 Bedroom Apartments in May 2023

RankingCityPriceM/M%Y/Y%
1Vancouver, BC$2,6000.00%18.20%
2Toronto, ON$2,4001.30%20.60%
3Burnaby, BC$2,3502.20%14.10%
4Victoria, BC$2,0000.00%9.30%
5Kitchener, ON$1,880-1.10%17.50%
6Barrie, ON$1,830-2.70%8.90%
6Halifax, NS$1,8304.00%25.30%
8Kelowna, BC$1,800-5.30%0.00%
8Hamilton, ON$1,8001.10%20.00%
10Ottawa, ON$1,7501.20%12.90%

Moving on to two bedroom apartments, Vancouver once again takes the top spot with a rental price of $3,800 per month, an increase of 21.00% from the previous year. Toronto follows closely behind with a rental price of $3,090 per month, an increase of 21.20% from the previous year. Burnaby remains at number three with a rental price of $3,000 per month, an increase of 15.80% from the previous year.

The rest of the top five most expensive cities for two bedroom apartments in Canada include Halifax and Victoria. Halifax comes in at number four with a rental price of $2,390 per month, an increase of 29.20% from the previous year. Victoria follows at number five with a rental price of $2,500 per month, a decrease of 5.00% from the previous year.

The Costliest Canadian Cities for 2 Bedroom Apartments as of May 2023

RankingCityPriceM/M%Y/Y%
1Vancouver, BC$3,8005.60%21.00%
2Toronto, ON$3,0903.00%21.20%
3Burnaby, BC$3,0000.00%15.80%
4Halifax, NS$2,3906.20%29.20%
5Victoria, BC$2,500-1.60%5.00%
6Kelowna, BC$2,3802.10%8.20%
7Ottawa, ON$2,1502.90%16.20%
8Kitchener, ON$2,2500.90%21.00%
9Hamilton, ON$2,000-4.80%5.30%
10Barrie, ON$1,950-2.50%-4.40%

Overall, rental prices continue to rise in Canada’s most expensive cities, with Vancouver and Toronto remaining at the top of the list. However, some cities such as Barrie and Hamilton have seen a decrease in rental prices for two bedroom apartments, indicating a possible shift in the market. Regardless, renting in Canada’s major cities remains a costly endeavor.


Aleksandr Belov

Author and editor of the ultramodern-hotels.com blog

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