What are the average rental prices across Canada?
The average rental amount that investors can count on from their tenants in Canada’s hottest cities is nearly $1,600, according to a new infographic.
The figures come from RentSeeker's annual Canadian rental housing price and vacancy data Infograph, which outlines the status of pricing and vacancy rates of apartment rentals in cities across Canada.
The average rental price for a two-bedroom apartment in Toronto is $1,596, just slightly higher than the $1,571 that landlords can get each month from tenants in Vancouver.
The Calgary and Edmonton markets are slightly lower, with two-bedroom apartment rents at $1,326 and $1,224, respectively.
Surprisingly, landlords in Kingston can get an average of $1,070 from tenants of two-bedroom apartments, while the average in other student markets is lower, at $988 in Guelph, $975 in Kitchener-Waterloo, $798 in Windsor and $749 in Montreal.
Vacancy rates for most multi-unit communities are also at an all-time low, according to the report. Looking once again at the two-bedroom apartment category, vacancy rates are 1.3 per cent in the Greater Toronto Area, 0.6 per cent in Vancouver, 1.8 per cent in Ottawa and one per cent in Calgary.
The infographic also states that there are 1,889,817 apartments in Canada, when looking at buildings with more than three units.