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The 2 Most Expensive Cities To Rent In All Of Canada Are Now In BC & They Even Beat Toronto

Ouch!

The two most expensive cities to live in Canada are now in B.C., after Victoria leapfrogged Toronto into second place.

According to its March 2022 Rent Report, liv.rent found that the average cost of living in an unfurnished, one-bedroom unit across Metro Vancouver is now $1,856 — a rise of $16 — and the highest they've seen since the start of 2021.

One of their biggest findings, however, was that Victoria is now the second-most expensive city in Canada, beating out Toronto with an average rental cost of $1,835 for the month of March.

The eye-watering rental costs seem to be moving around in Metro Vancouver, too. North Vancouver is now more expensive than Vancouver itself for unfurnished, one-bedroom units, which are now going for an average of $2,210 per month.

A graphic showing the most expensive places to rent in Canada. A graphic showing the most expensive places to rent in Canada.liv.rent

The recent trend of the west coast being the most expensive place to live in Canada doesn't stop there, either.

In a recent analysis by the Globe and Mail, it found that renters would need to earn around $95,000 to be able to afford a one-bedroom property and around $128,000 for a two-bedroom home in Vancouver.

They calculated the data based on Canada's Mortgage and Housing Corporation's "affordable" housing ratio, which means that the rent costs less than 30% of the total household income, before tax.

So, where should you buy or rent? Narcity recently spoke to Vancouver-born real estate duo Jonathan and Drew Scott, known for their iconic HGTV show, Property Brothers, who revealed their thoughts on the best areas to buy a house in Vancouver.

They identified Port Moody, because "there really is this outdoor community vibe," and also areas south of Granville Island as great places to buy.