Canada has always been known to be a country with high standards of living and one of the safest places in the world. However, Canada is a large, diverse country with plenty to offer its citizens and visitors. From the cosmopolitan city of Toronto to the majestic Rocky Mountains, Canada has something for everyone.
But what about the cost of living? Relocating to another city is always a big decision. You want to make sure that you will be in a city that has everything you need and is affordable. So, what are The Most Expensive Cities In Canada 2022? And more importantly, which city should you move to if money is no object?
The Most Expensive Cities In Canada 2022
10. Guelph
The average rent for a 1-bedroom apartment in Guelph is currently $1,700. This is a 10% increase compared to the previous year.
The most expensive neighbourhood in Guelph is Parkwood Gardens, where the average rent can be $1,930 per month. The average price of homes sold in November 2021 was a record $995,536, a gain of 28.8% from November 2020
9. Brampton
The most expensive neighbourhood is Queen Street Corridor, where the average rent can go for $1,810 per month, downtown Brampton, where the average rent can go for $1,775 per month; and Brampton South, the average rent can go for $1,650 per month. And The average sold price in Brampton’s housing market increased to $1,140,140 in November 2021, breaking a record.
8. Ottawa
The average rent for a 1-bedroom apartment in Ottawa, ON, is currently $1,500. This is a 5% increase compared to the previous year. The most expensive neighbourhood in Ottawa is New Edinburgh, where the average rent can be $2,900 per month.
In November, the average sale price for a condominium-class property was $432,099, increasing 19 percent from 2020. The average sale price for a residential-class property was $716,992, rising 19 percent from a year ago.
7. Surrey
The average rent for a 1-bedroom apartment in Surrey, BC, is currently $1,600. This is a 19% increase compared to the previous year. The most expensive neighbourhood in Surrey is Metro Centre, where the average rent can be $1,650 per month. And the average price for a house in Surrey is $1,100,608.
6. Kelowna
The average rent for a 1-bedroom apartment in Kelowna, BC, is currently $1,749. This is a 20% increase compared to the previous year. The most expensive neighbourhood in Kelowna is North Glenmore, where the average rent can go to $1,585. The median price of a single-family home in Kelowna is $1,025,000.
5. Victoria
The average rent for a 1-bedroom apartment in Victoria, BC, is currently $1,806. This is a 17% increase compared to the previous year. The most expensive neighbourhood in victoria is North Park, where the average rent can go to $1,826 per month.
The benchmark value for the same home in November 2021 increased by 24.2 percent to $1,122,600, a 1.7 percent increase from the previous month of October 2021.
4. Markham
The average rent for a 1-bedroom apartment in Markham is currently $1,950. This is a 5% increase compared to the previous year.
The most expensive neighbourhood in Markham is Unionville, where the average rent can be $2,100 per month. The average house price in Markham is $1,421,629.
3. Mississauga
The average rent for a 1-bedroom apartment in Mississauga, ON, is currently $1,800. This is a 3% decrease compared to the previous year.
The most expensive neighbourhood in Mississauga is Erin mills, where the average rent can be $3,900 per month. Mississauga’s average home sold prices are up 15% year-over-year; the average selling price in the Mississauga housing market increased to $1,371,100.
2. Vancouver
The average rent for a 1-bedroom apartment in Vancouver is currently $2,200. This is a 12% increase compared to the previous year. The most expensive neighbourhood in Vancouver is Quilchena, where the average rent can be $2,870.
Decreasing housing inventory is helping to push up home prices in Vancouver; the benchmark Vancouver home price is $1,211,200, a 16% increase year-over-year.
1. Toronto
The average rent for a 1-bedroom apartment in Toronto, ON, is currently $1,825. This is a 1% increase compared to the previous year. The most expensive neighbourhood in Toronto is Trefann Court, where the average rent can be $3,099 per month.
Toronto’s average home sold prices continued to break records this month, reaching $1,163,323. While Toronto’s housing market also had a record-breaking number of transactions for November 2021, decreasing inventory and new listings remain a concern.
The Most Expensive Cities In Canada 2022
- Toronto
- Vancouver
- Mississauga
- Markham
- Victoria
- Kelowna
- Surrey
- Ottawa
- Brampton
- Guelph
Canadian Housing Market prices data is from Wowa, and average rent data is from zumper
