Real estate: Marked increase in rental costs in Montreal

Average rents in Montreal have seen a marked increase of 4% compared to the same period of 2021, according to a study released Friday.

Real estate: Marked increase in rental costs in Montreal

Average rents in Montreal have seen a marked increase of 4% compared to the same period of 2021, according to a study released Friday.

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However, this would be higher than the Canadian average, which was 3.3% for May 2022. The 4% increase also represents a decrease compared to 2020, where the increase compared to the previous year was 10.2%.

“After relatively flat rents on average across Canada in the first four months of the year, rents rose sharply in May as rising interest rates deterred potential buyers from exiting the rental market,” the report said. by press release Ben Myers, president of Bullpen Research

Published monthly, the report compiles all properties listed on rentals.ca and averages rental costs for one- and two-bedroom rentals for 35 cities across the country.

“The typical seasonal increase in demand in the spring, coupled with renewed interest in more expensive properties in downtown Vancouver and Toronto, has also contributed to higher rents nationally.

Among the list of the most expensive rents, Montreal is in 22nd place, Gatineau is in 23rd and Laval in 27th. Without too many surprises, the cities of Vancouver and Toronto top the list, with the average cost of one-bedroom rent estimated at $2,377 and $2,133 per month, respectively.

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