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

Business

Published 29.06.2023

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

With the newest surge in rates of interest, many Canadians at the moment are reconsidering their plans of turning into owners and are opting to discover the rental market as an alternative, in accordance with Kijiji’s 2023 Real Estate Trend Report.

According to the rental market tendencies 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 lease are in Ontario.

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

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

The report notes that the price of lease is influenced by numerous components past the town location. Additional components resembling the supply of additional house, further bedrooms, balconies and the inclusion of furnishings, which all play a big position in figuring out rental costs.

For occasion, Ontario’s smaller cities — resembling Guelph, Hamilton and Barrie — are among the many prime 5 costliest locations to lease 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 price you 9 per cent ($190) greater than a unit with out a balcony.

However, when contemplating all property sorts in Canada, the common rental fee within the first quarter of 2023 was $1,840 per 30 days. Detached housing demanded the very best common lease at $2,420 per 30 days, carefully adopted by townhouses at a mean of $2,393 per 30 days.

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 greater than one-bedroom models ($1,743 in comparison with $1,425).

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

The Kijiji report predicts that there could also be additional lease development all year long.