Renting in Canada
Finding a place to rent in Canada can take some time. Nationwide, Canada had a rental vacancy rate in 2012 of only 2.3 percent. As long as vacancy rates remain low, you should allow a longer period to find a rental unit than you might expect.
While rental prices vary significantly by city – and by neighborhood within a city – the following averages may help with your budgeting. Nationwide, the average rent for a two-bedroom apartment in mid-2012 was $887.
In 2012, the most expensive cities for renters in Canada were Vancouver, Toronto, Calgary, Ottawa, Victoria, and Edmonton. The following table shows the average monthly rent for a two-bedroom apartment in each of these communities:
- Vancouver $1,210
- Toronto $1,164
- Calgary $1,113
- Ottawa $1,104
- Victoria $1,046
- Edmonton $1,036
Buying a Home in Canada
The Multiple Listing Service (MLS) lists homes for sale in most Canadian cities. Listings are online at Realtor.ca.
While home prices vary significantly by city and by neighborhood within a city, here are some averages as of late 2012 for single-family detached homes in Canada’s largest metropolitan areas:
- Vancouver Real Estate $927,500
- Toronto Real Estate $672,800
- Calgary Real Estate $492,975
- Edmonton Real Estate $381,913
- Ottawa Real Estate $369,016
- Montreal Real Estate $275,000.
In the most expensive cities, condominium apartments may be a more affordable option. Expect to pay an average of $368,800 in Vancouver, $334,204 in Toronto, and $289,819 in Calgary. Condo prices are averaging $236,781 in Edmonton, $267,037 in Ottawa, and $225,000 in Montreal.
All prices are shown in Canadian dollars.
More Housing Resources
The Canada Mortgage and Housing Corporation (CMHC) publishes a useful online guide to both renting and buying a home in Canada: Housing for Newcomers to Canada.
Toronto Real Estate Photo ©Carolyn B. Heller