Vancouver remains most expensive city to rent in Canada
Posted January 31, 2024 7:57 am.
Last Updated January 31, 2024 8:41 am.
If you’re looking for a new home to rent, the Canadian Mortgage and Housing Corporation’s (CMHC) findings aren’t going to be news to you. Vancouver remains the most expensive place to rent in Canada.
The CMHC says the average monthly rent for a two-bedroom purpose-built apartment was $2,181 in 2023, while a two-bedroom condo apartment came in at $2,580 on average.
The city saw a rise of 8.6 per cent in 2023, the CMHC says, with its vacancy rate unchanged at 0.9 per cent.
“Rental demand was driven by record immigration and decreases in homeownership affordability,” the Rental Market Report 2024 explained.
It notes that while net inter-provincial migration declined, international migration to B.C. grew by about 56 per cent compared to the first half of 2022.
“This surge in immigration is in line with what was observed in other major centres in Canada and drove rental demand in those regions. In British Columbia, most new immigrants settle in Vancouver,” the housing corp said.
The CMHC believes the growth in the average price was also driven by “large increases” in rents when units turnover.
“Affordability worsened for low-income households: vacancy rates for the most affordable units were lower than average, and these households already spend a greater share of their income on rent.”
The CMHA notes that rising mortgage costs, and higher income requirements, “likely delayed home purchases, causing potential buyers to stay in the rental market.”
Meanwhile, Toronto came in second spot for the most expensive place to rent in Canada, with an average two-bedroom purpose-built rental coming in at $1,961. per month. The least expensive major city was Montreal, which saw an average monthly price of $1,096 for a two-bedroom home.
