Understanding Average Rental Prices in Montreal, Vancouver and Toronto
One of the first steps of becoming a savvy investor in Canada’s real estate scene is to be familiar with the average rental prices in Vancouver, Montreal and Toronto. This invaluable knowledge will also prevent you from making any regrettable decisions.
Rental prices in Montreal
Montreal is popularly known as a city of renters because it has a great reputation for being a town with good bang for your rental buck. In fact, it has the largest rental market in Canada with rental housing options such as duplexes, triplexes and apartments. Montreal offers a broad range of old and new dwellings that offer a variety of architecture and styles to suit many tastes.
When it comes to rental apartments in and around Montreal, the average rental price is over $1,100. In addition, one-bedroom apartments can be rented for approximately $970 and two-bedroom apartments can be rented for approximately $1,180 per month on average. Over the years, studies have shown that the average rental rates for one-bedroom apartments have decreased by 0.5% and two-bedroom apartments have decreased by 3.1%.
Rental prices in Vancouver
Vancouver has the highest rental rate throughout Canada and it is approximately $1,280 per month on average, and that’s why Vancouver’s tenants are starting to feel the squeeze as rentals prices keep increasing. In addition, nearly half of Vancouver’s population rents. These tenants prefer to live older apartment buildings that are located along Main Street and other arterial roads.
Still, there are other tenants who rent bigger houses that are “carved” up into luxurious suites. One of the reasons why Vancouver’s rental apartments can fetch up such a high price is because investors tear these units down then builds them anew. Once these units receive a facelift, their owners can then easily double the price of the rental fees.
Rental prices in Toronto
Just like Vancouver, Toronto also tops the list when it comes to high rental prices. The price of a rental two-bedroom unit is more than $1,260 per month on average. Just west of Toronto, there are units in Burlington that go up to $1,550. What’s more, Burlington is just one part of the Greater Toronto Area and already has a population of over 175,000. In addition, an increasing number of new housing developments are springing up and rental properties are becoming more popular with people who work in Toronto while wanting to stay away from the hustle of a big city.
Interested in buying a second home in one of these cities to rent out?
You should first know that you are going to be a landlord, and that’s why learning how to manage the property and your tenants come with great pertinence. There are a lot of ways to invest in a rental property, and it starts with choosing an apartment that’s located near your child’s college or a unit in an existing multifamily condominium. The next thing to keep in mind is not to neglect to run the numbers. From online mortgage calculators to a mortgage broker, there are many avenues that allow you to get help to calculate down payments, insurance, taxes, and more.