Vancouver and cities in Ontario top list of most expensive places to rent: Kijiji report

Business

Published 30.06.2023

Vancouver and cities in Ontario top list of most expensive places to rent: Kijiji report

With the most recent surge in rates of interest, many Canadians are actually reconsidering their plans of changing into owners and are opting to discover the rental market as an alternative, in line with Kijiji’s 2023 Real Estate Trend Report.

According to the rental market developments within the first quarter, Vancouver has maintained its place because the priciest metropolis for renting, whereas eight out of the highest 10 costliest cities to hire are in Ontario.

Vancouver’s leases are a mean of $2,585, in line with the platform. Meanwhile, Toronto, the second costliest metropolis in Canada for renting, has a mean month-to-month hire of $2,302.

Of the 22 cities analyzed within the report, Quebec City, with a mean month-to-month hire of $1,108, ranked as the town with the most affordable housing, the report acknowledged.

The report notes that the price of hire is influenced by numerous components past the town location. Additional components corresponding to the provision of additional area, further bedrooms, balconies and the inclusion of furnishings, which all play a major function in figuring out rental costs.

For occasion, Ontario’s smaller cities — corresponding to Guelph, Hamilton and Barrie — are among the many prime 5 costliest locations to hire within the nation as a result of these cities usually provide a bit extra space and further bedrooms.

According to the report, renting a one-bedroom plus den with a balcony in main cities like Vancouver, Toronto, Calgary and Montreal will value you 9 per cent ($190) greater than a unit with out a balcony.

However, when contemplating all property sorts in Canada, the common rental charge within the first quarter of 2023 was $1,840 monthly. Detached housing demanded the best common hire at $2,420 monthly, intently adopted by townhouses at a mean of $2,393 monthly.

Furthermore, amongst rental listings in Canada, 31 per cent are for two-bedroom models and 26 per cent for one-bedroom models. However, two-bedroom models are priced 22 per cent increased than one-bedroom models ($1,743 in comparison with $1,425).

Townhomes and condominium flats had been the most costly property sorts in Canada within the first quarter with a month-to-month hire of $2,393 and $2,183 respectively.

The Kijiji report predicts that there could also be additional hire progress all year long.