In many of Canada’s hot real estate markets, landlords are finding it difficult to cash flow investment properties, as house prices continue to rise and rentals just can’t keep up.
However, a new infographic from Rentseeker.ca showcases the average rental costs for studios/bachelors, one-bedrooms, two-bedrooms and three-bedrooms in cities across Canada, including Toronto, Ottawa, Montreal, Vancouver, Edmonton, Winnipeg, Edmonton, Halifax, Kingston, Hamilton and London.
“Existing tenants are protected from annual increases above the limits set by each province (for example, in Ontario, the 2016 increase allowed is two per cent,” said Rentseeker.ca. “But new tenancies are not covered under rent control, allowing landlords to charge whatever price the market demands for their rental properties.”
According to Rentseeker.ca, average monthly rent for studio or bachelor apartments are highest around the GTA – including in Ajax ($1,253), Richmond Hill ($1,136), Oakville ($1,105), Markham ($1,057) and Vaughan ($1,040) – rather than Toronto itself, which sees an average of $902 for the property type.
On the West Coast, however, Vancouver’s studio and bachelor apartments bring in an average monthly rent of $930, while its outlying areas are slightly cheaper, at $887 in Burnaby, $886 in Burnaby and $869 in Surrey.
Monthly rents for these types of properties are at their lowest in Quebec City ($544), Windsor ($538), Abbotsford ($584), Winnipeg ($584) and Thunder Bay ($605).
By: Jennifer Paterson