While buying a home becomes farther and farther out of reach for many, a new report suggests renting an apartment may not be much more affordable.
Rental.ca's latest report looking at the average cost of renting shows the cost of renting a two-bedroom apartment in Windsor rose 3.4 per cent over the past year. In July, renters in the city paid, on average, $1,647.
For a one-bedroom apartment, the cost declined by 8.9 per cent from July 2021.
Of the 38 markets examined in the report, Windsor came in 28th.
Notorious for its high cost of housing, Vancouver was the most expensive market at $2,500 a month, while Lloydminster, Alberta, had the lowest, at $836.
B.C. continues to have the highest rental rates in Canada, but Ontario came in second last month as rents rose 3.1 per cent from June and a whopping 15.2 per cent in the past year. Ontario's average rent inflation for one and two-bedroom units eclipsed growth in all other provinces year over year.
Rents peaked in September 2019 before declining during the pandemic. They are now just $20 shy of the previous rate. Across Canada, renters pay, on average, $1,934 monthly, an increase of 10.4 per cent from last year.