According to PadMapper’s monthly Canadian Rent Report, Toronto is no longer the most expensive city to live in anymore. Vancouver, all the way in British Columbia, once again surpassed to become the most expensive market for one-bedroom rentals all throughout Canada.
According to PadMapper’s research data, the average monthly cost of a one-bedroom apartment in Vancouver will cost $1,950, while in Toronto, the average cost is $1,900. Now, before you look down on those Torontonians and Vancouverites, here in Ottawa is not all peaches and cream.
According to that same data, Ottawa is the eighth-most expensive place to live in Canada, with the average one-bedroom apartment cost being as high as $1,420. Here is the list of the top 10 most expensive places to live in Canada:
|City||One-Bedroom Apartment Cost||Two-Bedroom Apartment Cost|
While this may seem abnormally high, given the pandemic limiting jobs and income, rent prices are down by 11 percent. This also includes Toronto, where the prices have decreased by approximately 17 – 20 percent. But, what are the cheapest places to live in Canada?
Well, look no further than our neighbours in Quebec. According to SimpleRate.ca, the cheapest city to live in Canada is Sherbrooke, Quebec where the average rent price for a one-bedroom apartment is $475. Here are the top seven cheapest places to live throughout the country.
|City||One-Bedroom Apartment Cost|
Analysts are still expecting the rent prices to continue falling in Canada’s largest urban centre going into 2021. We’ll have to wait and see how the pandemic shakes up in the coming year and how it will affect our economy.