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Calgary rental costs higher than Vancouver despite soaring vacancy rates

Calgary

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:


Oakville Ont. - $1,157
Richmond Hill, Ont. - $1,148
Vaughan, Ont. - $1,148
Burlington, Ont. -$1,126
Calgary - $1,122
Toronto - $1,103
Markham, Ont. - $1,092
Vancouver, $1,079
Mississauga, Ont. - $1,066
Edmonton - $1,029
Barrie, Ont. - $1,006
Richmond, B.C. - $1,025
Ottawa - $972
Whitby, Ont. - $963
Burnaby, B.C. - $957
Ajax, Ont. - $943
Regina - $918
Kingston, Ont. - $915
Oshawa, Ont. $905
Guelph, Ont. - $898
Saskatoon - $895
Saanich, B.C. - $870
Coquitlam, B.C. - $862
Cambridge, Ont. - $856
Kitchener, Ont. - $830
Hamilton, Ont. - $828
Winnipeg - $813
Langley, B.C. - $806
Kelowna, B.C. - $799
St. John’s, N.L. - $789
London, Ont. - $781
Sudbury, Ont. - $771
St. Catharine’s, Ont. - $765
Thunder Bay, Ont. - $749
Surrey, B.C. - $733
Abbotsford, B.C. - $712
Windsor, Ont. - $689
Montreal - $668
Quebec City - $666
Gatineau, Que. - $656
Laval, Que. - $650
Longueuil, Que. - $648
Chatham-Kent, Ont. - $635
Terrabonne, Que. - $612
Levis, Que. - $578
Sherbrooke, Que. - $486
Saguenay, Que. - $469
Trois-Rivieres, Que. - $459

Click here for a larger version of the Rentseeker.ca infographic below.

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