1. Hochelaga-Maisonneuve

Average rent in Hochelaga-Maisonneuve

As of May 2024, the average monthly rent for an unfurnished one-bedroom unit in Hochelaga-Maisonneuve is $1,381/month, according to our latest Rent Report. A two-bedroom unit offers even better value, at an average of just $1,766/month.

Neighbourhood breakdown: Hochelaga-Maisonneuve

About: Hochelaga-Maisonneuve, often called HoMa, is a vibrant, up-and-coming neighbourhood with a rich history. Known for its affordable rents, it’s perfect for young professionals and families. The area offers a lively arts scene, excellent local eateries, and proximity to the beautiful Parc Maisonneuve and the iconic Montreal Botanical Garden.

Proximity to Downtown Montreal: Getting to Downtown Montreal from Hochelaga-Maisonneuve typically takes about 20-30 minutes by car or 30-40 minutes by bus.

Rental types: Hochelaga-Maisonneuve features a mix of older, character-filled apartments and newly renovated lofts, often in historic buildings. You’ll find a variety of rental options from charming walk-ups to modern, converted spaces.

• Hochelaga-Maisonneuve studio apartments for rent
• Hochelaga-Maisonneuve one-bedroom apartments for rent
• Hochelaga-Maisonneuve two-bedroom apartments for rent

2. Ahuntsic-Cartierville

Average rent in Ahuntsic-Cartierville

An unfurnished one-bedroom unit in Ahuntsic-Cartierville rents for $1,390 per month according to our latest Rent Report for May 2024. Two-bedroom unfurnished units are currently the cheapest in the city to rent, at an average of $1,710.

Neighbourhood breakdown: Ahuntsic-Cartierville

About: Ahuntsic-Cartierville is a peaceful, family-friendly neighbourhood with plenty of green spaces, such as Parc-nature de l’Île-de-la-Visitation. It boasts convenient access to public transportation and a variety of local shops and restaurants. This area is ideal for those seeking a quieter residential feel with easy access to downtown.

Proximity to Downtown Montreal: The commute to Downtown Montreal from Ahuntsic-Cartierville generally takes about 25-35 minutes by car and 35-45 minutes by bus.

Rental types: Renters in Ahuntsic-Cartierville can choose from a range of housing options, including spacious apartments, duplexes, and single-family homes. Many buildings are older but well-maintained, offering a mix of affordability and comfort.

• Ahuntsic-Cartierville studio apartments for rent
• Ahuntsic-Cartierville one-bedroom apartments for rent
• Ahuntsic-Cartierville two-bedroom apartments for rent

3. Villeray-Parc Extension

Average rent in Villeray-Parc Extension

Villeray-Parc Extension is the third-cheapest neighbourhood to rent in Montreal as of May 2024, with a monthly average rent price of $1,467. It also has the third least expensive two-bedroom unfurnished units, which cost an average of $1,793/month.

Neighbourhood breakdown: Villeray-Parc Extension

About: Villeray-Parc Extension, or Parc-Ex, is a diverse and bustling neighbourhood known for its multicultural atmosphere. It’s home to Jean-Talon Market, one of Montreal’s largest and most popular public markets, and boasts numerous parks and community centers. The area is ideal for those who enjoy vibrant, urban living with a strong sense of community.

Proximity to Downtown Montreal: Traveling to Downtown Montreal from Villeray-Parc Extension usually takes about 20-30 minutes by car and 25-35 minutes by bus.

Rental types: This neighbourhood offers a variety of rental options, from older, affordable apartments in Parc-Ex to more modern units in Villeray. Renters can find everything from cozy studio apartments to larger family-friendly spaces.

• Villeray-Parc Extension studio apartments for rent
• Villeray-Parc Extension one-bedroom apartments for rent
• Villeray-Parc Extension two-bedroom apartments for rent

4. Saint-Laurent

Average rent in Saint-Laurent

Saint-Laurent has rent prices well below Montreal’s city-wide average, with a one-bedroom unfurnished unit renting for an average of $1,551 per month.

Neighbourhood breakdown: Saint-Laurent

About: Saint-Laurent is a large, dynamic neighbourhood that combines residential comfort with industrial and commercial activity. It has excellent public transit options, numerous parks, and several shopping centers, making it convenient for daily living. It’s perfect for professionals working in nearby business hubs and families alike.

Proximity to Downtown Montreal: The journey to Downtown Montreal from Saint-Laurent typically takes about 25-35 minutes by car and 35-45 minutes by bus.

Rental types: In Saint-Laurent, you’ll find a mix of older, spacious apartments and newer condo developments. The area offers a range of rental prices, catering to various budgets and preferences, from affordable units to more luxurious living spaces.

• Saint-Laurent studio apartments for rent
• Saint-Laurent one-bedroom apartments for rent
• Saint-Laurent two-bedroom apartments for rent

5. Notre-Dame-de-Grâce/Côte-des-Neiges

Average rent in Notre-Dame-de-Grâce/Côte-des-Neiges

Notre-Dame-de-Grâce and Côte-des-Neiges have been combined for the purposes of our data collection, with the two neighbourhoods having an average monthly rent price of $1,628 for an unfurnished one-bedroom unit.

Neighbourhood breakdown: Notre-Dame-de-Grâce/Côte-des-Neiges

About: Notre-Dame-de-Grâce and Côte-des-Neiges are two adjoining neighbourhoods known for their cultural diversity and vibrant community life. Notre-Dame-de-Grâce offers a suburban feel with numerous parks and family-friendly amenities, while Côte-des-Neiges is more urban, with bustling streets and a variety of ethnic restaurants and shops. Both areas provide excellent access to public transit and are close to major universities.

Proximity to Downtown Montreal: Commuting to Downtown Montreal from Notre-Dame-de-Grâce/Côte-des-Neiges generally takes about 20-30 minutes by car and 30-40 minutes by bus.

Rental types: Renters in NDG/Côte-des-Neiges can choose from a wide range of options, including older, charming apartments, duplexes, and modern condo buildings. The area has both affordable rentals and higher-end properties, catering to students, professionals, and families.

• Notre-Dame-de-Grâce/Côte-des-Neiges studio apartments for rent
• Notre-Dame-de-Grâce/Côte-des-Neiges one-bedroom apartments for rent
• Notre-Dame-de-Grâce/Côte-des-Neiges two-bedroom apartments for rent

Average rent in Montreal

As you can probably see, average rent prices vary greatly across Montreal’s different neighbourhoods and boroughs. Like most cities, Montreal’s Downtown tends to be one of the more expensive places in the city to live, but this can change depending on seasonal factors and demand. If you’re willing to put in the time, good deals on rent can be found in every part of the city, and prices can vary a lot even within neighbourhoods.

To give you a better sense of rent prices in Montreal, here’s a quick breakdown of average rent for one-bedroom, unfurnished rentals, broken down by neighbourhood, as of May 2024. For more insights into rental rates in Quebec and other Canadian provinces, be sure to check out and download our monthly rent reports.

Where is the cheapest rent in Montreal?

At present, the cheapest rent in Montreal can be found in Hochelaga-Maisonneuve, where a one-bedroom unfurnished unit currently rents for $1,381/month.

Rental rates are always fluctuating depending on seasonal factors and demand trends. For the most up-to-date results, keep an eye on our monthly Montreal Rent Reports.

How to find cheap rent in Montreal

Like many large Canadian cities, rent in Montreal can be expensive compared to areas with less demand for rentals. For Montreal renters looking to safely and easily find a place to rent within their budget, liv.rent is the perfect choice. Best known as Canada’s safest rental platform, liv.rent manually verifies both landlords and listings to keep renters safe, giving you peace of mind while you navigate the Montreal rental market.

If you’re looking to automate your rental search and save time finding your perfect home, try using liv.rent’s listing alerts. These handy notifications help you take back your time by saving your criteria and alerting you whenever a new listing is posted. Filters include number of bedrooms, furnished vs. unfurnished, pet policy, and of course – budget. Here’s a quick video on how to set up listing alerts for yourself.

Rethink The Way You Rent

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>> Stay up-to-date on the average rent in Vancouver, Toronto and Montreal: Rent Reports.

The post The 5 cheapest neighbourhoods to rent in Montreal appeared first on liv.rent blog.

• Oshawa stays the cheapest municipality in the regions we analyze for the ninth month in a row
  • Oshawa has consistently had the lowest average rent for a one-bedroom unfurnished apartment since November 2023 at $1,792/month.
• Average rent prices for one-bedroom unfurnished units continue to see a downward trend
  • Despite a minor $1 increase during June, the average price for a one-bedroom unfurnished unit has continued to fall month-over-month since March.
• Rent prices are $704/month more expensive in the most vs least expensive municipality
  • The difference in price for a one-bedroom unfurnished unit between Downtown ($2,428) and Oshawa ($1,724) comes to $704/month.

Download the full report here for a comprehensive summary of this month’s rental data.

As of July 2024, the city of Toronto’s average monthly rent price for an unfurnished one-bedroom has dropped by $12 to a new monthly average of $2,228 this month.

We’ve published our 2024 Canada Rental Market Trend Report with an in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.

Let’s take a look now at the latest data and see which neighbourhoods are experiencing the biggest changes in furnished and unfurnished rental rates.

Toronto rent trends

The average rent price for an unfurnished one-bedroom unit in Toronto has decreased slightly this July, by $12. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in Toronto has also decreased, dropping by $40 since July 2023.

Planning on raising rent this year? Ontario’s Annual allowable rent increase limit for 2024/2025 is 2.5%. Find out when and how you can increase rent and ensure you’re complying with provincial guidelines by reading our updated Guide to Ontario Rent Increases.

Month-to-month rent change

This chart breaks down the percentage change in rent prices across all GTA cities/municipalities between June and July 2024.

Unfurnished Toronto rent trends

Rates for unfurnished one-bedroom units in the GTA varied depending on the neighbourhood. Etobicoke saw the largest increase at (+3.20%) while Scarborough saw the largest decrease at (-2.11%).

Furnished Toronto rent trends

Average rates for furnished one-bedroom units in the GTA saw two major changes this month. The largest month-to-month increase was seen in North York (+10.97%), with Mississauga (-7.79%) seeing the largest month-to-month decrease.

Toronto furnished vs unfurnished averages

This July, prices for furnished one-bedroom units increased slightly, while rates for unfurnished one-bedroom units decreased. This month, the average one-bedroom furnished unit rents for $53 less than a one-bedroom unfurnished unit. This means that at present, landlords are unlikely to see significantly higher profits renting out their units furnished – although they may still be able to capitalize on the demand for short-term rentals.

Rent per square foot

Our monthly Rent Reports also look more closely at the average rent per square foot in municipalities throughout the Greater Toronto Area. This July, Markham ($4.00/sq. ft.) has the most expensive average rent per square foot, followed by Downtown Toronto ($3.71/sq. ft.) and North York ($3.37/sq. ft.).

Active listing data

We’ll also look at detailed statistics for currently active listings available on the market to see which property types and number of bedrooms are the most represented. For renters, these numbers show which types of units you’re most likely to encounter in the Greater Toronto Area, while for landlords, you can assess how much competition you’ll face based on the current supply.

Active listings by property type

As of July 2024, the most common rental property type in the Greater Toronto Area was apartments, representing the majority of all listings in the GTA at 83.08%. Partial Houses (e.g. basement suites) were the second-most common unit type this month, representing 10.20% of active listings, down (-3.15%) from last month.

Active listings by number of bedrooms

In terms of the number of bedrooms, we saw a more even spread across active listings on the market this July. One-bedroom units were the most common type of listing in the GTA this month at 52.78%, while two-bedroom units represented 39.34% of the region’s active listings. Three-bedroom units make up the remaining 7.88%.

Looking for our full July 2024 Toronto Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

City breakdown

This July, Oshawa is the cheapest municipality to rent in out of the areas we look at for our Rent Reports, while Downtown Toronto is the region’s most expensive place to rent this month.

The average rent price for an unfurnished one-bedroom unit in Oshawa currently stands at $1,724 up $46 on last month, while in Downtown Toronto, the same type of unit rents for an average of $2,428 – a difference of $704 between the two.

Because Ontario’s different communities are so diverse, we’re breaking down the GTA into its different cities and municipalities to see the price difference within listing types: one-bedroom, two-bedroom, and three-bedroom units, both unfurnished and furnished.

• Brampton had the lowest average rental rates for all types of unfurnished units for the second month in a row.
• Likewise, Brampton also had the cheapest average rent prices for one- and two-bedroom furnished units for the second month in a row.
• Average rent prices for one-bedroom furnished units fell in all municipalities except for Scarborough and North York this July.

Rental averages for other Ontario cities

We’ve also looked at data from cities and municipalities in other regions within and surrounding the GTA. Looking at these additional cities, London is the least expensive to rent in this July at $1,614/month for an unfurnished, one-bedroom unit, while Downtown Toronto is the most expensive, at an average of $2,428 this month.

For complete data on these cities as well as other municipalities outside of the Greater Toronto Area, download our full report here to view the complete report.

Most expensive cities in Canada

This July, all five of the country’s most expensive cities are located in Metro Vancouver. West Vancouver is the most expensive city in the country to rent in, followed by North Vancouver, Vancouver, Burnaby, and Richmond.

Downloadable resources

Our complete July 2024 Rent Report has information on even more key areas, broken down into region and unit type for a complete overview of rental averages in Ontario. To view these and all the other new information we’ve added, be sure to download your copy of the Rent Report below.

Renting in Ontario

For more information on renting in Ontario, refer to these comprehensive resource posts:

• What’s A Standard Rental Application?
• What do you need when applying for a rental?
• What Can A Landlord Ask For On A Rental Application In Ontario?
• How Do I Fill Out A Rental Application?
• Ontario Standard Lease Explained
• Frequently Asked Questions: Everything You Need to Know About Eviction in Ontario

Data collection methodology

Rethink The Way You Rent

Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.

Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:

May 2024 Metro Vancouver Rent Report
May 2024 Toronto Rent Report
May 2024 Calgary & Edmonton Rent Report
May 2024 Montreal Rent Report

The post July 2024 Toronto Rent Report appeared first on liv.rent blog.

• Downtown Montreal had the most expensive average rent prices for the third month in a row
  • Downtown Montreal has been constantly the most expensive neighbourhood to live in Montreal for the last three months with an average rent of $1,860/month for an unfurnished one-bedroom unit.
• Montreal has witnessed a YoY drop in rental prices
  • Montreal’s city-wide average rent price for a furnished one-bedroom unit is $120 (-6.73%) lower compared to July 2023. Similarly, an unfurnished one-bedroom unit is also $40 (-2.39%) lower compared to last year.
• The Saint-Laurent neighbourhood saw the biggest decrease in rental prices this month
  • The average cost of a one-bedroom furnished unit in Saint-Laurent fell by -5.47% to $1,561 this month.

Note: As of our April 2024 report, Notre-Dame-de-Grâce and Côte-des-Neiges will be combined into a single neighbourhood for our analysis.

Download the full report here for a comprehensive summary of this month’s rental data.

Compared to last month, Montreal’s city-wide average rent prices have increased this July. As of this month, the average rent price for an unfurnished, one-bedroom unit has risen by $17, bringing Montreal’s city-wide average rent to $1,633 – well below rates in other major Canadian rental markets like Metro Vancouver and Toronto.

We’ve published our 2024 Canada Rental Market Trend Report with an in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.

Average rent across Montreal

Let’s start by taking a closer look at rental trends over the past six months, plus a year-over-year comparison for unfurnished one-bedroom units in Montreal. This month, the average monthly rent price for an unfurnished, one-bedroom unit has increased by $17. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit is lower than in July 2023, with prices now $40 less than at this time last year.

Month-to-month rent change

Looking at both furnished & unfurnished units, there were a few notable changes in rental rates across Montreal’s different neighbourhoods this month.

Looking first at unfurnished one-bedroom units, Villeray-Parc-Extension (+10.95%) had the largest month-to-month increase, while Hochelaga-Maisonneuve (-3.26%) saw the most notable declines since June.

Looking at furnished one-bedroom units, average rent prices increased the most in Verdun (+4.41%), with rates falling the most in Saint-Laurent (-5.47%) this month.

Montreal unfurnished vs. furnished rent averages

This July, average monthly rent prices for furnished one-bedroom units fell slightly while unfurnished prices rose. This month, furnished, one-bedroom units rent for $29 more than unfurnished one-bedroom units, on average. Landlords looking to rent their units on a short-term basis will typically be able to command a slightly higher price for their furnished units. For renters, this price difference indicates that you’ll most likely need to pay a bit more if you aren’t moving with your furniture.

Looking for our full July 2024 Montreal Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

Neighbourhood breakdown

Montreal’s most and least expensive neighbourhoods had vastly different average rent prices this July. This month, Ahuntsic-Cartierville is Montreal’s cheapest neighbourhood to rent in at an average of $1,425 per month for an unfurnished, one-bedroom unit. Meanwhile, Downtown is the most expensive neighbourhood for the third month in a row, at an average of $1,860 per month – $435 more than in Ahuntsic-Cartierville.

Let’s look even closer at the different listing types to see the differences in one-, two-, and three-bedroom rental rates across each area.

• Average rent prices increased for all types of unfurnished units in Villeray-Parc-Extension and The Plateau-Mont-Royal.
• Downtown Montreal had the highest rental rates across all unit types for both furnished and unfurnished rentals.
• Ahuntsic-Cartierville had the lowest average rates for one- and two-bedroom unfurnished units, while Hochelaga-Maisonneuve had the cheapest for three-bedroom unfurnished units.

Be sure to subscribe to our mailing list so you never miss an update on the Montreal rental market.

Downloadable Resources

Data collection methodology

Rethink The Way You Rent

Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.

Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:

June 2024 Metro Vancouver Rent Report
June 2024 Toronto Rent Report
June 2024 Calgary & Edmonton Rent Report
June 2024 Montreal Rent Report

The post July 2024 Montreal Rent Report appeared first on liv.rent blog.

• Calgary and Edmonton are the only major cities we analyze that saw a YoY increase in rent price
  • Both Calgary (+3.18%) and Edmonton (+12.26%) saw their prices rise for an unfurnished one-bedroom unit compared to July 2023, whereas rates have fallen year-over-year in Toronto, Vancouver, and Montreal.
• Rental rates for one-bedroom unfurnished units rose month-to-month in both Calgary and Edmonton
  • Despite declines in other major Canadian cities, both of Alberta’s key cities saw slight month-to-month increases this July, albeit slight ones. Rates for unfurnished one-bedroom units increased by +0.99% in Calgary and just +0.13% in Edmonton this month.
• Despite a YoY increase in price for unfurnished one-bedroom units, rates for furnished one-bedroom units in Calgary are down substantially compared to July 2023
  • While average rent prices for unfurnished units rose year-over-year, rates for furnished one-bedroom units in Calgary have fallen significantly year-over-year. Compared to July 2023, prices have dropped by $262 (-12.47%).

Download the full report here for a comprehensive summary of this month’s rental data.

Average rent prices for unfurnished one-bedroom units have increased in both Calgary and Edmonton this month, albeit only slightly. The Bank of Canada’s target overnight rate was recently lowered to 4.75% during an announcement on June 5th, which has been cause for cautious optimism throughout the remainder of 2024. We’ll continue to monitor trends in both of these cities to see where Calgary and Edmonton‘s rent prices stand heading into the busy summer & fall renting season.

We’ve recently published our 2024 Canada Rental Market Trend Report with in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.

Let’s take a look now at the current rental costs and overarching trends in Calgary and Edmonton for July 2024. Don’t forget, you can download the entire report as a one-page infographic PDF below.

Average rent across Calgary

This July, Calgary’s city-wide average monthly rent price for an unfurnished, one-bedroom unit rose by $17, bringing the rate for an unfurnished, one-bedroom unit to $1,720.

Month-to-month rent change

This chart breaks down the percentage change in rent prices across all of Calgary’s quadrants between June and July 2024.

This month, the most notable change for unfurnished one-bedroom units was a +4.67% increase in average rates in Northwest Calgary. On the other hand, furnished one-bedroom units in Northwest Calgary saw the largest decrease at -7.71%.

Average unfurnished vs. furnished rates

Unfurnished vs. furnished rates in Calgary

Average rates for furnished one-bedroom units in Calgary fell this month while prices for unfurnished one-bedroom units increased. Looking at the city as a whole, the average monthly rent for a furnished one-bedroom unit has dropped by -0.46%, renting for an average of $1,839 this month. Prices for unfurnished, one-bedroom units rose by +0.99%, to a new average cost of $1,720 per month.

At present, furnished units cost an average of $119 more per month to rent than unfurnished units, meaning that landlords can generally earn a higher profit by renting their units furnished, whereas renters will be able to save on rent by bringing their own furniture.

Average rent across Edmonton

This month, Edmonton’s rental rates for an unfurnished one-bedroom unit rose by just $2, bringing Edmonton’s average monthly rent price for an unfurnished, one-bedroom unit to $1,319 per month.

Month-to-month rent change

This chart breaks down the percentage change in rent prices across all of Edmonton’s different sectors between June and July 2024.

This July, average rent prices for unfurnished one-bedroom units increased the most in Southwest Edmonton (+2.58%), with the largest decrease occurring in Northwest Edmonton (-1.40%). Prices for furnished one-bedroom units rose the most in Southwest Edmonton (+5.06%) with no month-to-month decreases observed.

Unfurnished vs. furnished rates in Edmonton

In Edmonton, average monthly rent prices for furnished one-bedroom units increased (+5.41%), while prices for unfurnished one-bedroom units also increased slightly (+0.13%). As of July 2024, furnished units in Edmonton rent for an average of $258 more than unfurnished units. This indicates that landlords who can rent their units furnished would benefit from doing so, particularly if they plan to rent their units on a short-term basis.

Looking for our full July 2024 Calgary & Edmonton Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

Quadrant/Sector breakdown 

To get a better sense of each of these cities’ average rental prices, let’s now break down both Calgary and Edmonton into their constituent quadrants/sectors. We’ll examine prices & trends for one-, two-, and three-bedroom units in each city for a more in-depth analysis.

Quadrant breakdown: Calgary

• Southeast Calgary had the lowest rental rates for one-bedroom unfurnished units.
• City Centre had the highest rent prices for all types of unfurnished units, as well as one- and two-bedroom furnished units.
• Prices for two-bedroom unfurnished units increased in every quadrant except for Southeast Calgary.

Sector breakdown: Edmonton

• West Edmonton had the cheapest average rent prices for one- and two-bedroom unfurnished units, while Southeast Edmonton had the lowest rates for unfurnished three-bedroom units.
• Southwest Edmonton had the highest rental prices for one-bedroom unfurnished units while Downtown had the highest rates for two- and three-bedroom unfurnished units.
• Prices for unfurnished three-bedroom units rose in every sector except for Southeast Edmonton.

Downloadable resources

Rental resources for Alberta renters

You can read these comprehensive guides for more information on renting in Alberta and using liv.rent to streamline your rental process.

• FAQ: Landlord & tenant responsibilities in Alberta
• FAQ: Everything you need to know about rent deposits in Alberta
• The Complete User Guide To liv.rent For Landlords & Property Managers
• The Ultimate Renter’s Guide To Using liv.rent

Data collection methodology

Rethink The Way You Rent

Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.

Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:

June 2024 Metro Vancouver Rent Report
June 2024 Toronto Rent Report
June 2024 Calgary & Edmonton Rent Report
June 2024 Montreal Rent Report

The post July 2024 Calgary & Edmonton Rent Report appeared first on liv.rent blog.

At a glance

• For the first time since 2021, Metro Vancouver’s average rent for a one-bedroom unfurnished unit has fallen year-over-year
  • Compared to July 2023, the rental rate for an unfurnished one-bedroom in Metro Vancouver has dropped by $20, from $2,381/month to $2,361. The last time the average rent for an unfurnished one-bedroom unit in Metro Vancouver fell year-over-year was March 2021.
• Vancouver’s most expensive neighbourhood costs over $1,000 more to rent in than its least expensive
  • As of this July, West Point Grey/UBC is the most expensive area of Vancouver to rent in while Hastings-Sunrise is the city’s cheapest neighbourhood. A one-bedroom unfurnished unit rents for $3,018 in West Point Grey/UBC and $1,996 in Hastings-Sunrise – a $1,022 difference in price for the same type of unit.
• Vancouver had the most expensive rent per square foot in Metro Vancouver despite being the region’s third-most expensive city to rent in
  • While West Vancouver and North Vancouver had more expensive average rent prices for one-bedroom unfurnished units, Vancouver had the region’s highest rent prices in terms of cost per square foot. Vancouver ($3.97/sq. ft.) leads the region in this metric, with Burnaby ($3.62/sq. ft.) and North Vancouver ($3.49/sq. ft.) trailing behind.

This month, Metro Vancouver’s average rent prices have fallen and are now lower than they were in July 2023. The Bank of Canada’s most recent announcement on June 5th indicated that it would lower the target overnight rate, which has led many to believe that rent and home prices may fall through the remainder of 2024.

We’ve published our 2024 Canada Rental Market Trend Report with in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.

Let’s take a look now at the current rental costs and overarching trends in Vancouver for July 2024.

Average rent across Metro Vancouver

Metro Vancouver’s average rent prices have fallen this July, and are now down year-over-year. This month, the average rent price for an unfurnished, one-bedroom unit fell by $16, to a new average of $2,361. Since July 2023, Metro Vancouver’s average rate for an unfurnished one-bedroom unit has decreased by $20.

Planning on raising rent this year? B.C.’s annual allowable rent increase limit for 2024 is 3.5%. Find out when and how you can increase rent and ensure you’re complying with provincial guidelines by reading our updated Guide to B.C. Rent Increases.

Month-to-month rent change

To gain a deeper understanding of how rent prices changed in Metro Vancouver cities, let’s break down the most significant changes for both furnished and unfurnished one-bedroom units this month.

A number of cities saw notable changes in average rent prices this month. Looking at one-bedroom unfurnished units, only Richmond (+1.14%) and Vancouver (+0.76%) saw month-to-month increases, while Surrey (-2.22%) and New Westminster (-2.01%) had the most notable month-to-month decreases.

Looking at furnished one-bedroom units, the largest month-to-month increases were seen in Surrey (+3.35%) and Vancouver (+3.06%), while West Vancouver (-24.03%) had the largest drop in price by far.

Rent per square foot

Where’s the cheapest place to rent in Metro Vancouver based on how much space you get? As of July 2024, the least expensive cities for square footage are Langley, Surrey, and Coquitlam, while the most expensive cities for square footage are Vancouver and Burnaby.

Active listing data

We’ll also examine detailed statistics for currently active listings available on the market to see which property types and number of bedrooms are the most represented. For renters, these numbers show which types of units you’re most likely to encounter in the Metro Vancouver region, while for landlords, you can assess how much competition you’ll face based on the current supply.

Active listings by property type

As of July 2024, the most common rental property type by far was apartments, representing 73.70% of active listings on the market. Partial houses (e.g. basement suites) were the second-most rented unit type this month, at 16.24% of active listings currently available to rent.

Active listings by number of bedrooms

In terms of the number of bedrooms, we saw a more even spread across active listings on the market this July. Two-bedroom units were the most common type of listing this month at 44.87%, though one-bedroom units held a nearly equal share, representing 44.60% of all active listings on the market.

Average unfurnished vs. furnished rates

Average prices for furnished and unfurnished one-bedroom units in Metro Vancouver both fell this month. As of July 2024, an unfurnished one-bedroom unit rents for less than a furnished one-bedroom unit by $62 on average. This indicates that landlords who choose to rent their units furnished will typically see little to no extra rental income.

Looking for our full July 2024 Metro Vancouver Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

City breakdown 

Metro Vancouver’s rental averages vary greatly across the region, so we’ve broken up our data by municipality/city to compare the cost of one-, two-, and three-bedroom rates for furnished and unfurnished units in different areas. Here are some highlights from our most recent findings:

• Rates for unfurnished one-bedroom units fell in all municipalities except for Richmond and Vancouver this July.
• North Vancouver had the most expensive rates for all unit types except for unfurnished one-bedroom units.
• For the second consecutive month, Surrey had the lowest average rent prices for unfurnished one-, two-, and three-bedroom units.

Neighbourhood breakdown

We’ve broken down Vancouver into its individual neighbourhoods for a more complete look at the city’s rental markets. For a further breakdown of neighbourhoods in municipalities and cities outside of Vancouver, be sure to download our complete Rent Report.

Let’s take a look now at some of the latest averages from Vancouver’s many unique neighbourhoods. West Point Grey/UBC is the city’s most expensive neighbourhood to rent in this month, with an unfurnished one-bedroom unit renting for $3,018/month on average. The same type of unit rents for an average of $1,996 in Vancouver’s cheapest neighbourhood, Hastings-Sunrise.

We’ve added more new neighbourhoods to our monthly reports that aren’t shown in the data below. To see data on these additional neighbourhoods, statistics for furnished rentals, as well as neighbourhood breakdowns for other cities in Metro Vancouver, be sure to download your copy of our full report here.

Most expensive cities in Canada

This July, all five of the country’s most expensive cities are located in Metro Vancouver. West Vancouver is the most expensive city in the country to rent in, followed by North Vancouver, Vancouver, Burnaby, and Richmond.

Other rental data

These insights are exclusive to our blog and are intended to give more context to each month’s rental data. Based on data sourced directly from liv.rent, these statistics provide a more comprehensive overview of the current rental situation in Canada.

Income-to-rent ratio

Each month, we gather data on renters’ income-to-rent ratio and our most recent data shows that renters in Vancouver who use liv.rent are paying, on average, 43.76% of their income towards rent. This is well above the recommended budget and signals that many Metro Vancouver renters are spending far more than they should on rent.

While traditional financial advice would be to spend no more than 30% of your income on rent, this advice is perhaps not well suited to renting in cities like Vancouver.

Still, landlords and property managers should look to see that a tenant can reasonably afford rent compared to how much money they make as part of their tenant screening process.

Renter demographics

On liv.rent, our renter demographics are fairly balanced across all different age groups. While many of our users are aged 25-34, there’s a good representation of renters under 25, as well as a notable amount of users over 35 years of age.

Pet-friendly rentals

We’re proud to say that liv.rent continues to be the rental platform with the most pet-friendly rentals. This July, other rental platforms have just 23.00% of units available that were pet-friendly while on liv.rent, 53.00% of all listed units were pet-friendly.

Downloadable resources

Rental resources for B.C. renters

You can read these comprehensive guides for more information on renting in B.C. and using liv.rent to streamline your rental process.

• BC Residential Tenancy Agreement Explained
• Guide to BC Tenancy Forms
• The Complete User Guide To liv.rent For Landlords & Property Managers
• The Ultimate Renter’s Guide To Using liv.rent

Data collection methodology

Rethink The Way You Rent

Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.

Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:

June 2024 Metro Vancouver Rent Report
June 2024 Toronto Rent Report
June 2024 Calgary & Edmonton Rent Report
June 2024 Montreal Rent Report

The post July 2024 Metro Vancouver Rent Report appeared first on liv.rent blog.

What you need to purchase a home

Purchasing a home is a huge financial commitment and requires prospective buyers to make some preparations in advance. Before diving into the real estate market, it’s important to ensure that you’re financially and logistically ready. Here are key steps to consider:

• Financial Readiness: Assess your financial health by examining your savings, income, and credit score. Most lenders require a down payment of at least 5% of the home’s purchase price for a conventional mortgage. Additionally, homebuyers should budget for closing costs, which typically range from 1.5% to 4% of the home’s price.
• Documentation: Gather necessary documents, including proof of income (pay stubs, tax returns), bank statements, and identification. These will be needed for mortgage applications and other financial assessments.
• A real estate agent: Engaging a knowledgeable realtor can simplify the buying process. They offer valuable market insights, negotiate on your behalf, and help you navigate legalities. Choose a realtor with experience buying real estate in Alberta for the best results.

How to buy real estate in Alberta

Regardless of where in Canada you are, buying a home typically involves the same key steps, though some things, such as down payment assistance programs, will differ slightly in Alberta. Following this rough guideline and listening to the advice of a real estate professional is crucial to ensure a smooth and successful transaction

1. Deciding on your goals

When buying real estate in Alberta, it’s important to first decide exactly what you’re looking for in a home. Will you be living in the space or is this a rental property? How many bedrooms do you need? These are important questions to help narrow down your search.

2. Saving for a down payment

Once you have a clear idea of the type of property you’re interested in, you can calculate how much you’ll need to have for a down payment and plan accordingly.

It’s also important to figure out whether you want to plan for a high-ratio mortgage (less than 20% down payment) or a conventional mortgage (more than 20% down payment). While the former requires less savings upfront, you’ll face higher interest costs and CMHC fees as a result.

3. Building credit

Having a solid credit score and good income stability is essential for getting approved for a mortgage.

It’s generally accepted that you need a credit score of at least 640 to get approved for a mortgage, though this depends on your other finances and can vary depending on the lender. Having a stable income is also key to succeeding in mortgage approval.

4. Morgage Pre-approval

Getting pre-approved for a mortgage is generally one of the the first steps in a homebuying journey. This helps you understand your budget and shows sellers that you are a serious buyer.

5. House hunting

With your realtor’s assistance, begin your search. Focus on properties that meet your criteria and budget and if you plan on renting out your new property, be sure to consider potential rent prices in the area to evaluate whether you can earn a consistent profit.

6. Making an offer

Once you find the right home, your realtor will help you make a competitive offer. Be prepared for negotiations with the seller.

7. Home inspection

After your offer is accepted, conduct a home inspection to identify any potential issues. This step can save you from unexpected repair costs down the line.

This is similar to the process for inspecting a rental property, although there is often a licensed home inspector present and the process is much more thorough due to the significant financial stake.

8. Closing the deal

Once everything is in order, all that’s left is to finalize your mortgage and complete the closing paperwork. Your realtor and lawyer will guide you through this process to ensure everything is in order.

Renting vs. buying: which is right for you?

Many prospective homebuyers looking into buying real estate in Alberta will already be renting in the province and are looking to find something more permanent while building equity.

While purchasing a home may seem like an easy decision if you’re financially prepared, deciding whether to rent or buy requires careful consideration influenced by various factors:

• Financial Considerations: Buying a home typically requires a larger initial investment compared to renting. However, owning property can be a valuable long-term investment with the potential for appreciation.
• Flexibility: Renting offers more flexibility, allowing you to relocate with ease. Buying, on the other hand, provides stability and the freedom to personalize your space.
• Market Conditions: In Alberta, market conditions can vary. In a buyer’s market, purchasing may offer better value. Conversely, in a seller’s market, renting might be a more prudent choice until conditions improve.

Where to buy real estate in Alberta

Choosing the right location is crucial for both lifestyle and investment potential. While most people looking into buying real estate in Alberta already have an idea of where they’d like to own a home, it’s important to consider these factors when deciding where to buy:

• Larger Cities vs. Smaller Towns: Larger cities like Calgary and Edmonton offer diverse employment opportunities, amenities, and a dynamic real estate market. Smaller towns, while quieter, often provide more affordable housing and a close-knit community feel.
• Neighbourhood Considerations: Research neighbourhoods based on factors like proximity to schools, public transit, and recreational facilities. Safety, future development plans, and community vibe are also important considerations.
• Market Trends: Stay informed about market trends in different areas. Some neighbourhoods might be up-and-coming with great investment potential, while others may be well-established but more expensive.

If you’re considering renting out your property, it’s also important to keep an eye on rent prices in different Alberta cities to see where you can make the highest return on your investment.

How to rent out your home in Alberta

One of the most popular reasons to purchase a home is to own a rental property. Rent prices in major Alberta cities like Calgary and Edmonton have risen substantially in recent years, making this a lucrative time to enter the rental market.

If you plan to generate rental income from your new real estate purchase in Alberta, you’re first going to need to find tenants. It’s important to be diligent throughout the rental process and ensure you’re finding the best tenants possible. The last thing you want is for tenants to damage your new home, so being thorough while screening applicants is key.

This is where liv.rent comes in. This Vancouver-based rental platform was designed to help landlords save time and find the right renters faster with all-in-one solutions for everything from listing to signing a lease.

Here are some tips on how you can streamline the most important and time-consuming parts of the rental process and ensure you’re doing your due diligence in your search for the perfect tenants.

Tip #1: Share your listing to reach more renters

The best way to speed up your rental process from the get-go is to share your listing to as many platforms as possible. It’s tough to get your unit rented in a timely fashion if you don’t have enough leads, and being able to reach renters on a variety of sites is key to achieving this.

Once your listing has been posted on liv.rent, landlords can easily share it to popular platforms like Craigslist, Kijiji, and Facebook Marketplace, expanding your audience significantly and ensuring that you receive plenty of applications.

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Tip #2: Have a centralized “hub” for your listing

Now that you’ve got more applications than you know what to do with, it’s time to streamline things to help save time later on. Within each pre-formatted listing you share, there’s a link for interested renters to apply directly on liv.rent. One of the most time-consuming parts of the rental process is having to read through emails and messages from all different platforms to pick out the renters that you’re interested in continuing the conversation with.

By keeping all your communications limited to one convenient platform, you’re cutting down on the time this step typically takes significantly.

Tip #3: Go beyond a credit check

The single most important part of the rental process for laneway home landlords in particular is tenant screening.

It’s more important than ever to make sure that your new tenants are not only able to pay rent, but won’t cause any disturbances to their neighbours. Your promising new investment can quickly become a liability with tenants who interrupt your routines or worse – cause damage to your brand-new laneway house. It’s normal for landlords to perform a credit check on applicants to get a sense of their financial situation and ability to pay rent on time, but this doesn’t always tell the whole story.

This is why liv.rent developed the Trust Score – our comprehensive tenant screening tool. Using credit information from Equifax® and our own industry-leading verification features, this report combines all the information landlords need to identify the right renters quickly. An easy-to-understand score provides an easy way to assess and rank applicants, while information like a detailed risk assessment, income-to-rent ratio, and a unique trustworthiness metric help give you a full picture of applicants, even if they don’t yet have a Canadian credit history.

Resources for Alberta homebuyers

Here are some resources from liv.rent and trusted government sources to help you navigate the homebuying and renting process in Alberta:

• The latest liv.rent Calgary & Edmonton Rent Report
• Guides to Alberta cities and neighbourhoods
• Alberta Rental Law information
• Alberta Real Estate Association (AREA): Offers valuable market reports and resources for buyers.
• Canada Mortgage and Housing Corporation (CMHC): Provides mortgage calculators, affordability tools, and homebuying guides.

Rethink The Way You Rent

Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.

Subscribe to receive the latest tenant & landlord tips and get notified about changes in the Canadian rental market.

>> Stay up-to-date on the average rent in Vancouver, Toronto and Montreal: Rent Reports.

The post How to buy real estate in Alberta appeared first on liv.rent blog.

• Edmonton and Calgary have seen the largest year-over-year rent increases among major Canadian cities for one-bedroom unfurnished units
  • Of the major rental markets we look at (Vancouver, Toronto, Calgary, Edmonton, and Montreal), Edmonton and Calgary have seen the largest and second-largest year-over-year rent increases. Edmonton saw the largest increase (+13.53%) in the city’s rate for an unfurnished one-bedroom unit, while Calgary (+6.11%) saw the second-largest among these cities.
• Rates for furnished one-bedroom units in Calgary have fallen year-over-year
  • While unfurnished one-bedroom units saw a substantial year-over-year increase, rates for furnished one-bedroom units have fallen by an equally significant amount. Compared to June 2023, the average price for a furnished one-bedroom unit is down $111 (-5.67%) this month.
• Alberta’s rent prices could begin to fall alongside interest rates
  • Average rent prices have levelled off this month in key Canadian rental markets like Vancouver, Toronto, and Montreal. With the Bank of Canada’s June 5th announcement lowering the target overnight rate to 4.75%, rates may finally fall consistently in the coming months.

Download the full report here for a comprehensive summary of this month’s rental data.

Despite seeing a year-over-year increase, average rent prices for unfurnished one-bedroom units have decreased month-to-month in both Calgary and Edmonton. The Bank of Canada’s target overnight rate was recently lowered to 4.75% during an announcement on June 5th, which has been cause for cautious optimism throughout the remainder of 2024. We’ll continue to monitor trends in both of these cities to see where Calgary and Edmonton‘s rent prices stand heading into the busy summer & fall renting season.

We’ve recently published our 2024 Canada Rental Market Trend Report with in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.

Let’s take a look now at the current rental costs and overarching trends in Calgary and Edmonton for June 2024. Don’t forget, you can download the entire report as a one-page infographic PDF below.

Average rent across Calgary

This June, Calgary’s city-wide average monthly rent price for an unfurnished, one-bedroom unit fell by $12, bringing the rate for an unfurnished, one-bedroom unit to $1,703.

Month-to-month rent change

This chart breaks down the percentage change in rent prices across all of Calgary’s quadrants between May and June 2024.

This month, the most notable change for unfurnished one-bedroom units was a -5.30% decrease in average rates in Southeast Calgary. Furnished units also saw a few noteworthy shifts, with the largest change being a -4.38% decrease in City Centre.

Average unfurnished vs. furnished rates

Unfurnished vs. furnished rates in Calgary

Average rates for both furnished and unfurnished one-bedroom units in Calgary fell this month. Looking at the city as a whole, the average monthly rent for a furnished one-bedroom unit has dropped by +2.08%, renting for an average of $1,847 this month. Prices for unfurnished, one-bedroom units fell by -0.72%, to a new average cost of $1,703 per month.

At present, furnished units cost an average of $144 more per month to rent than unfurnished units, meaning that landlords can generally earn a higher profit by renting their units furnished, whereas renters will be able to save on rent by bringing their own furniture.

Average rent across Edmonton

This month, Edmonton’s rental rates for an unfurnished one-bedroom unit decreased by $14, bringing Edmonton’s average monthly rent price for an unfurnished, one-bedroom unit to $1,317 per month.

Month-to-month rent change

This chart breaks down the percentage change in rent prices across all of Edmonton’s different sectors between May and June 2024.

This June, average rent prices for unfurnished one-bedroom units increased the most in Northwest Edmonton (+3.98%), with notable decreases in Northeast (-3.60%) and Southwest (-3.50%). Prices for furnished one-bedroom units dropped the most in Downtown Edmonton (-3.84%) with no month-to-month increases observed.

Unfurnished vs. furnished rates in Edmonton

In Edmonton, average monthly rent prices for furnished one-bedroom units increased (+4.12%), while prices for unfurnished one-bedroom units fell (-1.01%). As of June 2024, furnished units in Edmonton rent for an average of $179 more than unfurnished units. This indicates that landlords who can rent their units furnished would benefit from doing so, particularly if they plan to rent their units on a short-term basis.

Looking for our full June 2024 Calgary & Edmonton Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

Quadrant/Sector breakdown 

To get a better sense of each of these cities’ average rental prices, let’s now break down both Calgary and Edmonton into their constituent quadrants/sectors. We’ll examine prices & trends for one-, two-, and three-bedroom units in each city for a more in-depth analysis.

Quadrant breakdown: Calgary

• City Centre had the highest average rent prices for unfurnished and furnished one-bedroom units.
• Prices rose for all types of units except furnished one-bedroom units in Northeast Calgary.
• Northeast Calgary had the lowest average rent prices for all types of unfurnished units.

Sector breakdown: Edmonton

• West Edmonton had the lowest rent prices on average for one- and two-bedroom unfurnished units.
• Rental rates for unfurnished three-bedroom units rose in every Edmonton sector except for Southeast Edmonton.
• Southeast Edmonton had the highest rates for unfurnished one-bedroom units while Downtown had the highest prices for all other types of units besides three-bedroom furnished units.

Downloadable resources

Rental resources for Alberta renters

You can read these comprehensive guides for more information on renting in Alberta and using liv.rent to streamline your rental process.

• FAQ: Landlord & tenant responsibilities in Alberta
• FAQ: Everything you need to know about rent deposits in Alberta
• The Complete User Guide To liv.rent For Landlords & Property Managers
• The Ultimate Renter’s Guide To Using liv.rent

Data collection methodology

Rethink The Way You Rent

Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.

Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:

May 2024 Metro Vancouver Rent Report
May 2024 Toronto Rent Report
May 2024 Calgary & Edmonton Rent Report
May 2024 Montreal Rent Report

The post June 2024 Calgary & Edmonton Rent Report appeared first on liv.rent blog.

• Rent for a one-bedroom unfurnished unit in Montreal is $101 lower than in June 2023
  • Montreal’s city-wide average rent price for an unfurnished one-bedroom unit is $101 (-5.88%) lower compared to June 2023. Villeray-Parc Extension (-18.43%), Verdun (-11.11%), and Saint Henri (-9.35%) were the neighbourhoods that saw the largest drop in rates.
• Villeray-Parc Extension is Montreal’s cheapest neighbourhood to rent in this month
  • Villeray-Parc Extension has replaced Hochelaga-Maisonneuve as Montreal’s cheapest neighbourhood to rent a one-bedroom unfurnished unit in this month after a $106 month-to-month price drop. At present, it costs $548 less to rent a one-bedroom unfurnished unit in Villeray-Parc Extension than in Downtown – Montreal’s most expensive neighbourhood.
• Rent prices could begin to fall alongside interest rates
  • Average rent prices have levelled off this month in key Canadian rental markets like Vancouver, Toronto, and Montreal. With the Bank of Canada’s June 5th announcement lowering the target overnight rate to 4.75%, rates may finally fall consistently in the coming months.

Note: As of our April 2024 report, Notre-Dame-de-Grâce and Côte-des-Neiges will be combined into a single neighbourhood for our analysis.

Download the full report here for a comprehensive summary of this month’s rental data.

Montreal’s city-wide average rent prices have fallen this June. As of this month, the average rent price for an unfurnished, one-bedroom unit has dropped by $24, bringing Montreal’s city-wide average rent to $1,616 – well below rates in other major Canadian rental markets like Metro Vancouver and Toronto.

We’ve published our 2024 Canada Rental Market Trend Report with an in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.

Average rent across Montreal

Let’s start by taking a closer look at rental trends over the past six months, plus a year-over-year comparison for unfurnished one-bedroom units in Montreal. As of June 2024, the average monthly rent price for an unfurnished, one-bedroom unit has decreased by $24. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit is lower than in June 2023, with prices now $101 less than at this time last year.

Month-to-month rent change

Looking at both furnished & unfurnished units, there were a few notable changes in rental rates across Montreal’s different neighbourhoods this month

Looking first at unfurnished one-bedroom units, Hochelaga-Maisonneuve (+10.72%) had the largest month-to-month increase, while Verdun (-9.53%) and Villeray-Parc-Extension (-7.18%) has seen the most notable decline since May.

Looking at furnished one-bedroom units, average rent prices increased the most in Ahuntsic-Cartierville (+7.98%), with rates falling the most in Verdun (-7.08%) this month.

Montreal unfurnished vs. furnished rent averages

This June, average monthly rent prices for both furnished and unfurnished one-bedroom units fell. This month, furnished, one-bedroom units rent for $49 more than unfurnished one-bedroom units, on average. Landlords looking to rent their unit on a short-term basis will typically be able to command a slightly higher price for their furnished units. For renters, this price difference indicates that you’ll probably need to pay a bit more if you aren’t moving with your furniture.

Looking for our full June 2024 Montreal Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

Neighbourhood breakdown

Montreal’s most and least expensive neighbourhoods had vastly different average rent prices this June. This month, Hochelaga-Maisonneuve is Montreal’s least expensive neighbourhood to rent in at an average of $1,361 per month for an unfurnished, one-bedroom unit. Meanwhile, Downtown is the most expensive neighbourhood, at an average of $1,909 per month – $548 more than in Villeray-Parc Extension.

Let’s look closer at the different listing types to see the differences in one-, two-, and three-bedroom rental rates across each area.

• Average rent prices increased for all types of unfurnished units in Ahuntsic-Cartierville, Downtown, and Hochelaga-Maisonneuve.
• Downtown Montreal had the highest rental rates for all types of units except for three-bedroom furnished units.
• Villeray-Parc Extension had the lowest average rates for one- and two-bedroom unfurnished units, while Hochelaga-Maisonneuve had the cheapest three-bedroom unfurnished units, on average.

Be sure to subscribe to our mailing list so you never miss an update on the Montreal rental market.

Downloadable Resources

Data collection methodology

Rethink The Way You Rent

Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.

Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:

May 2024 Metro Vancouver Rent Report
May 2024 Toronto Rent Report
May 2024 Calgary & Edmonton Rent Report
May 2024 Montreal Rent Report

The post June 2024 Montreal Rent Report appeared first on liv.rent blog.

• Toronto’s average rent prices are only +0.27% higher than in June 2023
  • City-wide average rent for a one-bedroom unfurnished unit is only $6 higher in June 2024 compared to June 2023. For context, prices rose by +14.86% between June 2022 and June 2023.
• Rates for furnished units have fallen substantially YoY in Toronto
  • The average monthly rent price for a furnished one-bedroom unit in the city of Toronto has dropped by $304 (-12.32%) since June 2023. Particularly large drops occurred in Scarborough (-21.30%), East York (-17.51%), and North York (-10.66%).
• Rent prices could begin to fall alongside interest rates
  • Average rent prices have largely levelled off in key Canadian rental markets like Vancouver and Toronto. With the Bank of Canada’s June 5th announcement lowering the target overnight rate to 4.75%, it’s possible that rates will finally fall consistently in the coming months.

Download the full report here for a comprehensive summary of this month’s rental data.

Toronto’s average rent prices have levelled off this June after three consecutive month-to-month decreases. As of June 2024, the city of Toronto’s average monthly rent price for an unfurnished one-bedroom has risen by just $1 to a new monthly average of $2,240 this month.

We’ve published our 2024 Canada Rental Market Trend Report with an in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.

Let’s take a look now at the latest data and see which neighbourhoods are experiencing the biggest changes in furnished and unfurnished rental rates.

Toronto rent trends

Average rent prices for unfurnished, one-bedroom units in Toronto have just barely increased this June, by $1. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in Toronto has increased by just $6 since June 2023.

Planning on raising rent this year? Ontario’s Annual allowable rent increase limit for 2024 is 2.5%. Find out when and how you can increase rent and ensure you’re complying with provincial guidelines by reading our updated Guide to Ontario Rent Increases.

Month-to-month rent change

This chart breaks down the percentage change in rent prices across all GTA cities/municipalities between May and June 2024.

Unfurnished Toronto rent trends

Average rates for unfurnished one-bedroom units in the GTA were relatively stable this month with few noteworthy changes. This month, the largest month-to-month increase was seen in Downtown Toronto (+1.22%), with Etobicoke (-2.73%) seeing the largest month-to-month decrease.

Furnished Toronto rent trends

In terms of furnished one-bedroom units, the largest month-to-month increase occurred in Etobicoke (+8.41%), while rates fell the most in North York (-7.73%).

Toronto furnished vs unfurnished averages

This June, prices for both furnished one-bedroom units fell, while rates for unfurnished one-bedroom units increased slightly. This month, the average one-bedroom furnished unit rents for $77 less than a one-bedroom unfurnished unit. This means that at present, landlords are unlikely to see significantly higher profits renting out their units furnished – although they may still be able to capitalize on the demand for short-term rentals.

Rent per square foot

Our monthly Rent Reports also look more closely at the average rent per square foot in municipalities throughout the Greater Toronto Area. This June, North York ($4.00/sq. ft.) has the most expensive average rent per square foot, followed by Downtown Toronto ($3.45/sq. ft.) and Scarborough ($3.15/sq. ft.).

Active listing data

We’ll also look at detailed statistics for currently active listings available on the market to see which property types and number of bedrooms are the most represented. For renters, these numbers show which types of units you’re most likely to encounter in the Greater Toronto Area, while for landlords, you can assess how much competition you’ll face based on the current supply.

Active listings by property type

As of June 2024, the most common rental property type in the Greater Toronto Area was apartments, representing the majority of all listings in the GTA at 78.57%. Partial Houses (e.g. basement suites) were the second-most rented unit type this month, representing 13.35% of active listings.

Active listings by number of bedrooms

In terms of the number of bedrooms, we saw a much more even spread across active listings on the market this June. One-bedroom units were the most common type of listing in the GTA this month at 46.76%, while two-bedroom units represented 40.61% of the region’s active listings.

Looking for our full June 2024 Toronto Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

City breakdown

This June, Oshawa is the cheapest municipality to rent in out of the areas we look at for our Rent Reports, while Downtown Toronto is the region’s most expensive place to rent this month.

The average rent price for an unfurnished one-bedroom unit in Oshawa currently stands at $1,770, while in Downtown Toronto, the same type of unit rents for an average of $2,412 – a difference of $642.

Because Ontario’s different communities are so diverse, we’re breaking down the GTA into its different cities and municipalities to see the price difference within listing types: one-bedroom, two-bedroom, and three-bedroom units, both unfurnished and furnished.

• Brampton had the lowest average rental rates for all types of unfurnished units, while Downtown Toronto had the most expensive.
• Brampton also had the cheapest average rent prices for one- and two-bedroom furnished units.
• Average rent prices for three-bedroom unfurnished units fell in all municipalities except for Scarborough and Vaughan-Richmond Hill this June.

Rental averages for other Ontario cities

We’ve also explored data from cities and municipalities in other regions within and surrounding the GTA. Looking at these additional cities, Niagara Falls is the least expensive to rent in this June at $1,589/month for an unfurnished, one-bedroom unit, while Downtown Toronto is the most expensive, at an average of $2,412 this month.

For complete data on these cities as well as other municipalities outside of the Greater Toronto Area, download our full report here to view the complete report.

Most expensive cities in Canada

This June, all five of the country’s most expensive cities are located in Metro Vancouver. West Vancouver is the most expensive city in the country to rent in, followed by North Vancouver, Vancouver, Burnaby, and Richmond.

Downloadable resources

Our complete June 2024 Rent Report has information on even more key areas, broken down into region and unit type for a complete overview of rental averages in Ontario. To view these and all the other new information we’ve added, be sure to download your copy of the Rent Report below.

Renting in Ontario

For more information on renting in Ontario, refer to these comprehensive resource posts:

• What’s A Standard Rental Application?
• What do you need when applying for a rental?
• What Can A Landlord Ask For On A Rental Application In Ontario?
• How Do I Fill Out A Rental Application?
• Ontario Standard Lease Explained
• Frequently Asked Questions: Everything You Need to Know About Eviction in Ontario

Data collection methodology

Rethink The Way You Rent

Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.

Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:

May 2024 Metro Vancouver Rent Report
May 2024 Toronto Rent Report
May 2024 Calgary & Edmonton Rent Report
May 2024 Montreal Rent Report

The post June 2024 Toronto Rent Report appeared first on liv.rent blog.

At a glance

• Average rent for a one-bedroom unit in Langley is $401 higher than in January 2024
  • Compared to the beginning of the year, an unfurnished one-bedroom unit in Langley costs an average of $401/month more to rent – a +22.99% price increase in just five months. Langley was also the only Metro Vancouver city that saw a double-digit increase over this period, with Abbotsford (+3.32%) seeing the second highest.
• It now costs $732 more to rent in Vancouver’s most expensive neighbourhood than its cheapest neighbourhood
  • At an average monthly rent price of $2,901 for an unfurnished one-bedroom unit, West Point Grey/UBC is the city’s most expensive neighbourhood to rent in this month, while the same type of unit costs an average of $2,169/month in the city’s cheapest neighbourhood, Sunset-Victoria Fraserview.
• All five of Canada’s most expensive cities to rent in are in Metro Vancouver
  • After Markham dropped off the list this month, Metro Vancouver now contains all five of Canada’s most expensive cities to rent in. West Vancouver tops the list at an average of $2,694/month for a one-bedroom unfurnished unit, with North Vancouver, Vancouver, Burnaby, and Richmond filling out the remaining spots.

Metro Vancouver’s average rent prices have risen slightly this month, though rates have been more or less consistent since the beginning of the year. The Bank of Canada’s most recent announcement on June 5th indicated that it would lower the target overnight rate, which is cause for cautious optimism in terms of home and rent prices through the remainder of 2024.

We’ve published our 2024 Canada Rental Market Trend Report with in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.

Let’s take a look now at the current rental costs and overarching trends in Vancouver for June 2024.

Average rent across Metro Vancouver

Metro Vancouver’s average rent prices have increased slightly this June, bouncing back to just above April price levels. This month, the average rent price for an unfurnished, one-bedroom unit rose by $10, to a new average of $2,377. Since June 2023, Metro Vancouver’s average rate for an unfurnished one-bedroom unit has increased by $47.

Planning on raising rent this year? B.C.’s annual allowable rent increase limit for 2024 is 3.5%. Find out when and how you can increase rent and ensure you’re complying with provincial guidelines by reading our updated Guide to B.C. Rent Increases.

Month-to-month rent change

To gain a deeper understanding of how rent prices changed in Metro Vancouver cities, let’s break down the most significant changes for both furnished and unfurnished one-bedroom units this month.

A number of cities saw notable changes in average rent prices this month. Looking at one-bedroom unfurnished units, Langley (+8.18%) and Richmond (+5.24%) saw the largest month-to-month increases, while Coquitlam (-4.27%) and West Vancouver (-2.74%) had the most notable month-to-month decreases.

Looking just at furnished one-bedroom units, the largest month-to-month increases were seen in Richmond (+8.99%) and New Westminster (+3.90%), while the most significant drops in price took place in North Vancouver (-10.78%), Vancouver (-5.93%), and Burnaby (-5.41%).

Rent per square foot

Where’s the cheapest place to rent in Metro Vancouver based on how much space you get? As of June 2024, the least expensive cities for square footage are North Vancouver, Coquitlam, and West Vancouver, while the most expensive cities for square footage are Vancouver and Burnaby.

Active listing data

We’ll also examine detailed statistics for currently active listings available on the market to see which property types and number of bedrooms are the most represented. For renters, these numbers show which types of units you’re most likely to encounter in the Metro Vancouver region, while for landlords, you can assess how much competition you’ll face based on the current supply.

Active listings by property type

For June 2024, the most common rental property type by far was apartments, representing 70.81% of active listings on the market. Partial houses (e.g. basement suites) were the second-most rented unit type this month, at 17.80% of active listings currently available to rent.

Active listings by number of bedrooms

In terms of the number of bedrooms, we saw a more even spread across active listings on the market this June. Two-bedroom units were the most common type of listing this month at 45.74%, though one-bedroom units still represented 43.26% of all active listings on the market.

Average unfurnished vs. furnished rates

Average prices for furnished one-bedroom units in Metro Vancouver fell slightly this month, while rates for unfurnished one-bedroom units rose slightly. As of June 2024, an unfurnished one-bedroom unit costs, on average, $123 less than a furnished one-bedroom unit. This indicates that landlords who choose to rent their units furnished will typically be able to charge more for rent.

Looking for our full June 2024 Metro Vancouver Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

City breakdown 

Metro Vancouver’s rental averages vary greatly across the region, so we’ve broken up our data by municipality/city to compare the cost of one-, two-, and three-bedroom rates for furnished and unfurnished units in different areas. Here are some highlights from our most recent findings:

• Vancouver was the third most expensive city in Metro Vancouver to rent an unfurnished one-bedroom unit in this month, with West Vancouver and North Vancouver taking the top two spots.
• Prices increased for all types of units in Richmond, both furnished and unfurnished.
• Surrey had the lowest average rates for unfurnished one-, two-, and three-bedroom units.

Neighbourhood breakdown

We’ve broken down Vancouver into its individual neighbourhoods for a more complete look at the city’s rental markets. For a further breakdown of neighbourhoods in municipalities and cities outside of Vancouver, be sure to download our complete Rent Report.

Let’s take a look now at some of the latest averages from Vancouver’s many unique neighbourhoods. West Point Grey/UBC is the city’s most expensive neighbourhood to rent in this month, with an unfurnished one-bedroom unit renting for $2,901/month on average. The same type of unit rents for an average of $2,169 in Vancouver’s cheapest neighbourhood, Sunset-Victoria Fraserview.

We’ve added more new neighbourhoods to our monthly reports that aren’t shown in the data below. To see data on these additional neighbourhoods, statistics for furnished rentals, as well as neighbourhood breakdowns for other cities in Metro Vancouver, be sure to download your copy of our full report here.

Most expensive cities in Canada

This June, all five of the country’s most expensive cities are located in Metro Vancouver. West Vancouver is the most expensive city in the country to rent in, followed by North Vancouver, Vancouver, Burnaby, and Richmond.

Other rental data

These insights are exclusive to our blog and are intended to give more context to each month’s rental data. Based on data sourced directly from liv.rent, these statistics provide a more comprehensive overview of the current rental situation in Canada.

Income-to-rent ratio

Each month, we gather data on renters’ income-to-rent ratio and our most recent data shows that renters in Vancouver who use liv.rent are paying, on average, 46.91% of their income towards rent. This is well above the recommended budget and signals that many Metro Vancouver renters are spending far more than they should on rent.

While traditional financial advice would be to spend no more than 30% of your income on rent, this advice is perhaps not well suited to renting in cities like Vancouver.

Still, landlords and property managers should look to see that a tenant can reasonably afford rent compared to how much money they make as part of their tenant screening process.

Renter demographics

On liv.rent, our renter demographics are fairly balanced across all different age groups. While many of our users are aged 25-34, there’s a good representation of renters under 25, as well as a notable amount of users over 35 years of age.

Pet-friendly rentals

We’re proud to say that liv.rent continues to be the rental platform with the most pet-friendly rentals. This June, other rental platforms have just 22.00% of units available that were pet-friendly while on liv.rent, 51.00% of all listed units were pet-friendly.

Downloadable resources

Rental resources for B.C. renters

You can read these comprehensive guides for more information on renting in B.C. and using liv.rent to streamline your rental process.

• BC Residential Tenancy Agreement Explained
• Guide to BC Tenancy Forms
• The Complete User Guide To liv.rent For Landlords & Property Managers
• The Ultimate Renter’s Guide To Using liv.rent

Data collection methodology

Rethink The Way You Rent

Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.

Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:

May 2024 Metro Vancouver Rent Report
May 2024 Toronto Rent Report
May 2024 Calgary & Edmonton Rent Report
May 2024 Montreal Rent Report

The post June 2024 Metro Vancouver Rent Report appeared first on liv.rent blog.