What does housing cost in different Canadian cities?

Credit to Author: Kaitlin Jingco| Date: Tue, 07 Jun 2022 17:56:51 +0000

A comparison of rental and buying housing prices in Canada

When deciding on where to settle in Canada, housing costs are an important thing to consider. To give you an idea of what you can expect to pay for a home in Canada, we’ve laid out the average monthly rent and mortgage prices of homes in Canada’s eight most populated cities. The below is based on data from Statistics Canada, Rentals.ca, and The Canadian Real Estate Association.

Toronto, Ontario

Home to almost 2.8 million people, Toronto is Canada’s most populated city and is the second most expensive when it comes to housing. Compared to 2021, the city has seen a whopping 30 per cent increase in buying prices.

Population: 2,794,356

Renting: $2,065 monthly for a one-bedroom apartment; $2,849 monthly for a two-bedroom apartment

Buying: $1,354,000 average price, with monthly mortgage payments of about $7,562

Montreal, Quebec

Prices drop pretty significantly when you move from Canada’s first to second most populated city. In Montreal, the average home costs less than half of an average home in Toronto.

Population: 1,762,949

Renting: $1,489 monthly for a one-bedroom apartment; $1,952 monthly for a two-bedroom apartment

Buying: $573,100 average price, with monthly mortgage payments of about $3,201

Calgary, Alberta

Looking west, Calgary saw a 17 per cent increase in home prices in 2022 compared to 2021, but houses are still cheaper here than the nationwide average of $746,146.

Population: 1,306,784

Renting: $1,387 monthly for a one-bedroom apartment; $1,693 monthly for a two-bedroom apartment

Buying: $511,600 average price, with monthly mortgage payments of about $2,857

Ottawa, Ontario

Canada’s capital city finds itself in the middle of the pack as far as population and as far housing prices. Unlike the three cities more expensive than Ottawa, the average homebuyer doesn’t have to surpass the million-dollar mark.

 Population: 1,017,449

Renting: $1,645 monthly for a one-bedroom apartment; $2,009 monthly for a two-bedroom apartment

Buying: $754,400 average price, with monthly mortgage payments of about $4,213

Edmonton, Alberta

Of the eight most populated Canadian cities, Edmonton is home to the most affordable rent prices, with one-bedroom apartments going for just over $1,000.

Population: 1,010,899

Renting: $1,050 monthly for a one-bedroom apartment; $1,308 monthly for a two-bedroom apartment

Buying: $371,600 average price, with monthly mortgage payments of about $2,075

Winnipeg, Manitoba

Despite rent being a bit higher in Winnipeg than in Edmonton, home ownership is more affordable in this Manitoba city. In fact, Winnipeg boasts the lowest buying prices of all the eight cities.

Population: 749,607

Renting: $1,176 monthly for a one-bedroom apartment; $1,471 monthly for a two-bedroom apartment

Buying:  $351,100 average price, with monthly mortgage payments of about $1,961

Mississauga, Ontario

Just up the road from Toronto, you’ll find Mississauga, Canada’s seventh most populated city. While cheaper than its neighbouring Toronto, Mississauga is still expensive, with the third highest rent and buying prices on the list.

Population: 717,961

Renting: $1,817 monthly for a one-bedroom apartment; $2,211 monthly for a two-bedroom apartment

Buying: $1,323,300 average price, with monthly mortgage payments of about $7,390

Vancouver, British Columbia 

Vancouver might have the smallest population on this list, but as the only city with rent averages higher than $3,000 (for a two-bedroom) and homes nearing $1.4 million on average, this west coast city is the most expensive in the country.

Population: 662,248

Renting: $2,334 monthly for a one-bedroom apartment; $3,324 monthly for a two-bedroom apartment

Buying: $1,374,500 average price, with monthly mortgage payments of about $7,676

Source: Statistics Canada, Rentals.ca, and The Canadian Real Estate Association. Prices are from April 2022. Population figures are from 2021.

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