Comparable rentals in the immediate area, not a citywide average, set the realistic range for a specific address. A two-family or suited property near schools and family amenities like Hampton Village tends to draw longer-tenured tenants than a property near the university, which changes turnover cost even at a similar monthly rent.
CMHC's rental market data tracks vacancy and rent trends by zone, and that is the more defensible source than any single number floating online, since public listing sites lag actual signed leases by months. A property's condition, confirmed through a home inspection, typically $400 to $600, also affects what rent it can actually hold.
The only reliable number is one pulled from what similar suited homes near that address are actually renting for right now. Get your hand-reviewed valuation from Joel Dyck.