A new country-wide rent report pegs Toronto as the most expensive city in Canada for renters.
According to the June Rent Report from Rentals.ca, the average cost of rent across Canada has jumped 4% following two months declining prices.
The report analyzed more than 30 cities across the country on a monthly and quarterly basis to determine that rent jumped 4% in May.
B.C. is the second most expensive province for renters behind Ontario, where it costs a tenant about $600 more per month to live in a rental apartment.
Alberta is pegged as the third most expensive province for renters, followed by Manitoba, Saskatchewan and Quebec.
Since the fourth quarter of 2018, rent per square foot in B.C. has increased 14% to $2.29 per square foot.
“Rental rates continue to increase in all major markets outside the prairie provinces,” said Ben Myers, president of Bullpen Research & Consulting.
“Solid job growth and immigration continues to fuel housing demand, while the Office of the Superintendent of Financial Institutions remains firm on its continued support for the mortgage stress test, which has prevented many prospective homebuyers from affording an entry-level home.”