What Renting a 2-Bedroom Apartment Looks Like in Canada

Whether you’re starting out life as a grown-up or whether you’re downsizing, chances are that at some point in your life, you’ll live in a rental apartment. How much does that cost, though? Would it be easier on your bank account to rent or to just take the plunge and pay a mortgage? And how do rents differ across the country?

Every month, Rentals.ca releases a report on the average rentals for properties listed on their site for the previous month. According to their data, rental rates nationwide are picking up to levels last seen at the start of 2020. They forecast that in the next year, rental rates will continue to increase – by as much as 11 per cent in Toronto but by only 2 per cent in Montreal. Are you looking for a 2-bedroom apartment right now? The national average is $1,851 but prices vary widely between cities. We’ve compared the average rates for November 2021 in 10 cities to show you what renting a 2-bedroom apartment looks like in Canada.

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Vancouver, British Columbia

Average monthly rent for a 2-bedroom apartment: $2,998

It would be nice to own a $9.5 million Vancouver penthouse but if that’s not quite within your budget at the moment, 2-bedroom apartments in the city are a little cheaper. However, they’re still the most expensive to rent in the country. Average monthly rent has gone up by 10.7 per cent over the past year.

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Surrey, British Columbia

Average monthly rent for a 2-bedroom apartment: $1,935

It might not be as exciting as living in downtown Vancouver but at least the 2-bedroom apartments for rent in Surrey are much more affordable. With a bit of clever decorating, you can make it look like you live right there in trendy Railtown. Surrey rents for 2-bedroom apartments have gone up by 9.14 per cent over the past year.

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Calgary, Alberta

Average monthly rent for a 2-bedroom apartment: $1,551

Calgary is one of the regions in Canada with below-average home prices. This goes for apartment rentals too: even though it’s the most expensive city in Alberta to rent in, a 2-bedroom apartment in Calgary still goes for $300 less than the national average. The average rent has also increased by only 3.75 per cent over the past year.

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Regina, Saskatchewan

Average monthly rent for a 2-bedroom apartment: $1,136

While it’s a little more expensive to rent in Regina than in Saskatoon, it’s still one of the cheapest of the major Canadian cities to find a 2-bedroom rental apartment. And while rents in Saskatoon have increased a little over the past year, in Regina they’ve actually dropped by 1.1 per cent, leaving you with more money to spend at the Regina Antique Mall.

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Winnipeg, Manitoba

Average monthly rent for a 2-bedroom apartment: $1,458

Like in other Prairies cities, Winnipeg 2-bedroom apartments rent for well below the national average. They’ve also become a little cheaper, with rents dropping by 1.2 per cent over the past year. If you’re still not sure you’ll be able to survive the notorious Winnipeg winters, just add some tropical decor inspiration.

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Toronto, Ontario

Average monthly rent for a 2-bedroom apartment: $2,764

Things aren’t looking positive if you’re looking for affordable housing in Toronto. Already the second most expensive Canadian city to rent in, rents have gone up by 11.1 per cent over the past year. At least it’s still possible to decorate on a budget, even in Toronto.

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Oshawa, Ontario

Average monthly rent for a 2-bedroom apartment: $1,783

Only a few years ago, we said that Oshawa was one of the best places to buy a house in Canada, partly because of the potential for rental income from students. Only about an hour away, 2-bedroom apartments in Toronto rent for nearly $1,000 more, on average, than in Oshawa. While rents are increasing, at 5.9 per cent it’s much more manageable than in Toronto too.

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Ottawa, Ontario

Average monthly rent for a 2-bedroom apartment: $2,027

Apartments in Ottawa – home to Canada’s most educated population – are more expensive than the national average but renting here rather than in Toronto will still save you about $700 every month – and rents have increased by only 1.9 per cent over the past year. You can save an extra $200 a month by looking for a 2-bedroom apartment in Gatineau, across the river.

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Montreal, Quebec

Average monthly rent for a 2-bedroom apartment: $1,949

With 2-bedroom apartment rentals only about $100 above the national average, Montreal housing remains surprisingly cheap, especially considering the character-filled, eclectic treasure troves you can find here. Rents increased by only 3.2 per cent over the past year, so Montreal apartment rentals should remain affordable for some time to come.

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Halifax, Nova Scotia

Average monthly rent for a 2-bedroom apartment: $1,949

If you’re looking for a 2-bedroom apartment to rent in Halifax, try to find one with a big balcony: warm summer weather here lasts well into September and even October. The average monthly rents in this city on the Atlantic coast are slightly above the national average but over the past year, they have dropped by 2.5 per cent.