Top 5 Most Expensive Areas to Rent in Canada
By Tal Klachook
September 25, 2014
September 25, 2014
Have you ever wondered what the most expensive areas to rent in Canada are? It’s only human nature to wonder these kinds of things. Using the Canada Mortgage and Housing Corporation’s (CMHC) Rental Market Report from October 2013, we’ve identified five of the most expensive areas to rent a two-bedroom apartment. 
Forbes was right when it ranked Vancouver as the 6th most overpriced real estate market in the world, in 2007. Seven years later and not much has changed. Coming in at first place, Vancouver snatches the title of the most expensive metropolitan city to rent in Canada. With scenic views and a milder climate, Vancouver has been rated one of the top cities to live in, for more than a decade. But with title comes a hefty price tag. The average monthly rent for a two-bedroom apartment totaled $1281 per month. 
It looks like Calgary has finally surpassed Toronto’s rental market. As the second runner up, the average two-bedroom apartment totaled $1224 per month—beating Toronto by $11. The rise in rental accommodations prices can be attributed to the increase in employment opportunities. As a result, more Canadians and immigrants are attracted to the area and are migrating west. The increase in net migration has greatly influenced the escalating rental prices as the once-vacant rental units are now highly in demand. 
As the most populated city in Canada, with 2.6 million residents, it comes as a surprise that Toronto only ranked third on the list. A two-bedroom apartment located in the heart of the city, averaged out to $1213 per month. Unlike Calgary, newcomers (both domestic and foreign) to Toronto did not impact the rental market significantly. The market remained relatively stable—meaning current renters continued to rent, while new renters simply increased the size of the renter group rather than the rental demand. 
Known as “Festival City” for hosting many great year-round celebrations, Edmonton is a vibrant and booming rental hub. Similar to Calgary, the rise in employment rates attracted a whopping 27,000 people to the area. This surge in migration called for a strong demand in rental units. So the increases in the rental prices were inevitable. Although those increases were not enough to surpass Toronto’s market or it’s sister city Calgary, a two-bedroom apartment in Edmonton totaled $1141 per month. 
The nation’s capital, a thriving centre for all things politics, comes in fifth. It seems as though finding an apartment in Ottawa is the most affordable option as the rent for a two-bedroom apartment averaged out to $1132. One of the reasons the rent price is cheaper than it’s “competitors cities”, is because the vacancy rate climbed to 2.9 per cent from 2.5 per cent. The report explained that more people were moving away from rental accommodations and jumping into homeownership instead. This is great news for the tighter-budget apartment hunters.
1.Vancouver
Forbes was right when it ranked Vancouver as the 6th most overpriced real estate market in the world, in 2007. Seven years later and not much has changed. Coming in at first place, Vancouver snatches the title of the most expensive metropolitan city to rent in Canada. With scenic views and a milder climate, Vancouver has been rated one of the top cities to live in, for more than a decade. But with title comes a hefty price tag. The average monthly rent for a two-bedroom apartment totaled $1281 per month. 2. Calgary
It looks like Calgary has finally surpassed Toronto’s rental market. As the second runner up, the average two-bedroom apartment totaled $1224 per month—beating Toronto by $11. The rise in rental accommodations prices can be attributed to the increase in employment opportunities. As a result, more Canadians and immigrants are attracted to the area and are migrating west. The increase in net migration has greatly influenced the escalating rental prices as the once-vacant rental units are now highly in demand. 3. Toronto
As the most populated city in Canada, with 2.6 million residents, it comes as a surprise that Toronto only ranked third on the list. A two-bedroom apartment located in the heart of the city, averaged out to $1213 per month. Unlike Calgary, newcomers (both domestic and foreign) to Toronto did not impact the rental market significantly. The market remained relatively stable—meaning current renters continued to rent, while new renters simply increased the size of the renter group rather than the rental demand. 4. Edmonton
Known as “Festival City” for hosting many great year-round celebrations, Edmonton is a vibrant and booming rental hub. Similar to Calgary, the rise in employment rates attracted a whopping 27,000 people to the area. This surge in migration called for a strong demand in rental units. So the increases in the rental prices were inevitable. Although those increases were not enough to surpass Toronto’s market or it’s sister city Calgary, a two-bedroom apartment in Edmonton totaled $1141 per month. 5. Ottawa
The nation’s capital, a thriving centre for all things politics, comes in fifth. It seems as though finding an apartment in Ottawa is the most affordable option as the rent for a two-bedroom apartment averaged out to $1132. One of the reasons the rent price is cheaper than it’s “competitors cities”, is because the vacancy rate climbed to 2.9 per cent from 2.5 per cent. The report explained that more people were moving away from rental accommodations and jumping into homeownership instead. This is great news for the tighter-budget apartment hunters.About Tal Klachook
Tal Klachook is a journalism student at Carleton University. She is currently an Editorial Intern at Yellow Pages NextHome. Obsessed with all things related to cakes and social media, she enjoys learning and writing about the latest real estate trends.