Canada is globally recognized for its high living standards and unparalleled safety. This vast and diverse country is a treasure trove of experiences, offering everything from the ultra-modern city life of Toronto to the breathtaking beauty of the Rocky Mountains.
However, the cost of living in Canada varies widely, with some cities being significantly more expensive than others. In this guide, we delve deep into the most expensive cities in Canada in 2023, giving you an in-depth view of their living costs and what they offer to their residents and visitors.
Whether you’re planning to relocate or just curious about Canada’s priciest cities, this guide is for you.
The Most Expensive Cities In Canada 2023
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 monthly rent can be $1,930. 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 monthly rent can be $2,900.
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 monthly rent can be $1,650. 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 is $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 monthly rent can go to $1,826.
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 monthly rent can be $2,100. 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 monthly rent can be $3,900. 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 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 monthly rent can be $3,099.
Toronto’s average home selling prices broke 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 2023
- 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
University Magazine is part of the 
