New condos in vaughan . Canadian apartment rents are the most expensive and vs’s cheapest cities. Apartment rents go up year after year, especially recently.
Friends in Toronto and Vancouver are crying that they can’t afford to rent a house, but in fact, the rents of apartments in these two cities are not the most expensive! Canadian real estate website RentSeeker.ca has released a new ranking of the cities with the most expensive and cheapest apartment rents in Canada.
Top 10 most expensive cities in Canada.
- Yellowknife.
- Wood Buffalo, Alta.
- Oakville, Ont.
- Vancouver.
- Richmond, B.C.
- Toronto.
- Richmond Hill, Ont.
- Oak Bay, B.C.
- Burnaby, B.C.
- Mississauga, Ont.
According to CMHC data, Huangdao Town ranks first among the 10 cities or regions with the highest average rent of apartments in the country. The average rent for an one-bedroom apartment is 1401 yuan.
In second place, the average rent of an one-bedroom apartment in Wood Buffalo, Alberta, which caught fire the year before last, was 1251 yuan.
Ontario Oakville ranks third, with an average rent of 1214 yuan for an one-bedroom apartment.
Vancouver ranks fourth with 1159 yuan, while Vancouver is likely to be close to C $1700 to C $2300, according to the latest data on many newly leased properties. Toronto ranked sixth with 1132 yuan. The latest figures for newer apartment rents on the market are closer to C $1300 to C $1400. Average apartment rents in the Greater Toronto area rose nearly 12 per cent year-on-year in the last quarter of 2016. In GTA, sales of nearly 30, 000 new apartments were sold in 2016, up 34 per cent from the total in 2015, 57 per cent in some popular areas (Etobicoke, North York) and an unimaginable 82 per cent in newly planned urban centres in District 905.
According to a recent report by the Royal Bank of RBC, apartment affordability indicators rose in Vancouver and Toronto in the fourth quarter. The affordability index in the Vancouver area is 46.1%, which means that 46.1% of the average household income will be used to pay for the apartment. This figure is up 0.2 percent from the previous quarter and 4.8 percent from the same period last year.
The Toronto affordability index is 35.5%, and 1/3 of the average household income is used to pay for apartments. An increase of 2% over the same period last year.
Canada’s national average affordability level is 359%, which is the seventh consecutive quarter that the apartment market has risen.
As many people cannot afford housing, apartments and apartments are increasingly accepted as viable alternatives-two main factors increase the demand for apartments and rental apartments, thus increasing rents.
Top 10 cheapest cities in Canada.
- Shawinigan, Quebec.
- St Georges, Quebec.
- Alma, Quebec.
- Victoriaville, Quebec.
- Montmagny, Quebec.
- Matane, Quebec.
- Bathurst, New Brunswick.
- Edmundston, New Brunswick.
- Trois-River, Quebec.
- Saguenay, Quebec.
According to quotes from Canadian companies Mortage and Housing, the top 10 cheapest cities in Quebec is Shawinigan, in Quebec, where the average rent for an one-bedroom apartment is $344, equivalent to 1/4 of the most expensive town of Yellowstone!