The average rent for three and a half apartments exceeds $1,500 in Montreal

The average rent for a one-bedroom unit exceeded $1,500 in July on the Rentals.ca platform, the latter revealed in its monthly real estate market report.

According to the cumulative data thanks to all the classified ads posted on the website, the average price of three and a half apartments reached $1,543 per month in the metropolis, up 8.9% over one year.

The average rent for four and a half, for its part, reached $1,958 per month, up 5.7% over one year.

From Quebec’s point of view, Montreal ranks second among the most expensive cities, behind Gatineau, where three and a half are posted, on average, at $1,551 per month, an amount that jumped 20.3% in just a year.

BC and Ontario at the top

On the other hand, taking Canada as a whole, the metropolis comes in at 24^e of the most expensive cities according to Rentals.ca.

The top 20 cities are entirely dominated, with the exception of Halifax in 16^e place, by cities in British Columbia and Ontario. The Pacific province almost single-handedly dominates the top 5 of the most expensive cities to live in.

On average, rents offered on Rentals.ca in July in the largest cities in the country reached $1,640 per month for three-and-a-half apartments and $2,098 per month for four-and-a-half apartments. These amounts are up, respectively, by 10.68% and 14.20% over one year.

“The two main factors impacting rental prices are the continued return to the office which is driving up rents in major markets across Canada, and rising interest rates which are reducing the affordability of homes for landlords,” said exposed Rentals.ca in its analysis.