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Rising prices, economic instability, and the looming prospect of a housing correction are making the notion of renting rather than buying a better option for many Canadians.
So, which city has the best bang for your monthly buck?
A report from one of Canada’s largest online apartment search sites has crunched the numbers to rank the average rent in 48 major cities across the country in the fall of 2015.
RentSeeker.ca looked at bachelor, one, two, and three-bedroom apartments. The data did not account for the size or the amenities in the units.
Rents in Toronto and Vancouver ranked highest. However, outlying regions near the City of Toronto often outpaced the inner city’s monthly fees for one, two, and three-bedroom units. That’s likely a product of thinner rental inventories.
Markham, Ontario, is the most expensive city to rent a bachelor apartment, averaging $1,057 per month. The nation’s cheapest bachelor rentals are in Saguenay, Quebec, with an average monthly fee of $374.
RentSeeker.ca found that Calgary’s average rental cost remains high despite increased vacancies stemming from the downturn in the energy sector. Calgary’s vacancy rate has nearly quadrupled in the last year, according to the fall Rental Market Survey from the Canada Mortgage and Housing Corporation.
Here's a look at the average costs for renting a one-bedroom apartment across Canada:
Click here for a larger version of the Rentseeker.ca infographic below.