Average cost of rent for Canadians now over $2000

New data from the rental search website Rentals.ca shows that the average price of rent across the country has increased to $2,024 a month for a one bedroom apartment.

19 of the Canadian cities with the most expensive average rents were all in Ontario and British Columbia.

Guelph came in at number 8 with the average cost coming in at $2085, with the average 2 bedroom apartment costing $2353

Kitchener made it to number 14 with $1949, with a two bedroom costing $2332 a month.

Statistics show that the average cost of rent has increased 12.4 per cent compared to one year ago.

David Schooley, Real Estate Broker with Remax Twin City, told CityNews 570 that the Kitchener-Waterloo area has a good supply of rentals, with 282 currently available, but that does not mean they are affordable.

“I think that landlords are overreaching a bit now,” said Schooley. “because we are seeing a reasonably high number of rentals.”

Schooley added that the region is finding creative ways to meet supply and demand in older neighborhoods, where land owners are scraping down houses on sixty foot lots and putting up semi detached homes with two units.

The research data from Rentals.ca shows that Vancouver is the most expensive place to rent a one bedroom apartment in Canada at a cost of $2633.

Toronto came in second place with a price tag of $2532.