It can oftentimes seem that rents know don’t know how to do anything but going one way: up, up, & up! But what you pay depends on where you live. Here is a list of the highest and lowest rent in Canada, by province and by city.
However, for some Canadian residents, this is truer than others, depending on which city and province you live in. Just like anywhere, some areas of the province have much higher rental rates than others.
As a renter, you are looking to get the best “bang for your buck” and a market where rental rates on a more stable rather than just an upward trajectory.
Consider this: About 4.4 million Canadians rent their homes and makeup just under 1/3 of all total households throughout Canada. At least 40% of those Canadians spend at least 1/3 (about 30% or more) of their income (or more) on their rent (and utilities) each month. For about 20% of these households, rent takes up at least half of their income each month, which is at a level where the tenants are at the highest risk of becoming homeless.
The average rental unit in Canada costs about $1000/month. However, numbers can run much higher or lower depending on the city and province in which you are renting.
When studying the cost of renting throughout Canada there are a few key places that come up as the best deal for the renter’s money. If you are looking for more affordable rental rates throughout Canada, the following are considered the most affordable areas in Canada in which to rent:
These are some of the areas in Canada with the most affordable rental rates.
When studying the cost of renting throughout Canada there are a few key places that come up as the most expensive city in the area to rent. Some of these cities are the most expensive places in Canada when it comes to renting (including utilities):
These are some of the area of Canada with the priciest rental rates.
While looking at what it costs to rent does play a big part in considering which areas of Canada are most affordable for your family to live in, there are other things to consider as well. For example, incomes must be considered when it comes to how much you are making versus how much you spend to live. Renters can struggle more in a city with lower incomes and average rent costs than someone will in an area with higher rent costs and top-notch pay.
In Alberta, rent costs are higher than the Canadian average but people generally make higher wages, which also helps offset the increased housing costs. On the other hand, British Columbia has the country’s priciest real estate and “average” wages, which means that the most households that pay at least 50% of their income in rent are located here. British Columbia sees a staggering 21.3% of renters paying 50%+ of their income in rent-related expenses, which means that they are at the highest risk of any population of becoming homeless.
When looking at the most affordable areas in Canada to rent, renters must consider both the cost of rent and the income. The balance of the pair is key. High rents and low incomes or average rents and low incomes can spell more disaster for people than high rents and top-notch incomes or average rents and higher incomes.
Consider doing the math before you move to be sure that you are moving somewhere where you can afford to live within your means.