It is important to compare average rent prices with the cost-of-living in each city
Not ready to buy? There are still plenty of great places to rent in this country, whether you are ready to leave the more expensive rental markets or you’re able to work remotely. Here are the 10 most affordable places to rent in Canada in 2022.
Montreal, Quebec, is the major centre in Canada that currently offers the cheapest rent. It is also the city where the rent has increased the least year over year (0.7%). The one-bedroom median rent price in Montreal is under $1,400 and you can find one-bedrooms for as low as $600.
One of the reasons Montreal’s rent is so low is that there are more than enough apartments available compared to other major centres in Canada (such as Toronto and Vancouver, for instance). This excess in supply, coupled with the low cost-of-living in Montreal and government subsidies available for renters, make this city one of the more affordable places for rents in the country.
The one-bedroom median rent price in London, Ontario, is $1,390, with a year-over-year increase of 13%. Those figures represent one of the cheapest cities in Canada for renters in 2022. It is also significantly lower than in Toronto (only 170 kilometres away), which has an average rent for a one-bedroom apartment closer to $2,000.
London is also an ideal place to work remotely, being a city in its own right but close enough to the Big City, if need be. It also offers a burgeoning tech scene, one of the best universities in the country, and a thriving arts scene.
With the average price of a one-bedroom rental at $1,230 (and a year-over-year increase of 12%), Calgary, Alberta, is one of the cheapest cities in Canada to rent in 2022. While Calgary consistently ranks as one of the more expensive cities in Canada in other areas, the average rent for two-bedroom apartments is roughly $1,290 per month. Despite low rental rates, the cost-of-living in Vancouver is nearly 50% lower than in Calgary and the cost-of-living in Toronto is almost 30% lower.
The average price of a one-bedroom apartment rental in Windsor, Ontario, is $1,210, a year-over-year increase of 15%. Rent here is significantly cheaper than in Toronto and Vancouver, and even Montreal. While being one of the most diverse cities in Canada, Windsor is also diversifying its economy, with the tech industry quickly catching up to the automotive sector as a major employer.
The city itself offers great restaurants, parks, trails, and bars, as well as close proximity to Detroit, Michigan, making it an excellent choice not only for budget-conscious renters but commuters and day-trippers as well.
The average price of a one-bedroom apartment in Winnipeg, Manitoba, is $1,060, which is a year-over-year increase of 2%. Winnipeg is also one of Canada’s most affordable cities, making it a great spot for anyone who is money conscious. With a strong economy and low unemployment rate (just 4.5% in 2019), Winnipeg’s GDP growth has been 2.5% on average over the last five years. The cost-of-living here is relatively low compared to other cities in Canada. The Consumer Price Index in Toronto is 131. In Winnipeg? Just 118.7.
The average rental price of a one-bedroom apartment in Saskatoon, Saskatchewan, makes it one of the cheapest on this list—$1,000 per month. That is a year-over-year increase of 8%. While that price may be attractive to most, it is important to note that the cost-of-living in Saskatchewan’s largest cities is still fairly high.
Quebec City, Quebec
With an average rental price for a one-bedroom apartment at $960 per month, you can’t really go wrong with Quebec City. Even at that price, it is a year-over-year increase of 28%. And despite its history, architecture, and culture—it is also one of the most affordable cities in the entire country to live.
The capital city of the province of Alberta, Edmonton offers one-bedroom apartments with a rental price of just $940 per month, which is a year-over-year increase of 4%. Just to put it into context: the average one-bedroom apartment rental in Toronto is $1,350 per month. The reason Edmonton is so affordable is that it has a lot of apartments to offer compared to other Canadian cities and it also boasts a strong economy. These factors, coupled with a generally favourable cost-of-living, make Edmonton a great place to live.
One-bedroom apartments in Regina, Saskatchewan, will cost you $930 per month on average, which is a year-over-year increase of 6%. The capital city of Saskatchewan, Regina also boasts a relatively inexpensive cost-of-living.
St. John’s, Newfoundland and Labrador
St. John’s, Newfoundland and Labrador, offers one of the most affordable housing markets in all of Canada. It also offers the cheapest rent, with a one-bedroom median rent price at $880, which is a year-over-year increase of 2%. Once you’re there, however, it is important to note that the cost-of-living is higher than you might expect—and the winters just a little colder.