Average asking rents have increased 21 percent since February 2022, translating to a monthly rise of $384
Average asking rents across all Canadian property types have skyrocketed 10.5 percent over the past year and now stand at $2,193. This increase is the most substantial recorded since September 2023, according to the National Rent Report, jointly published by Rentals.ca and Urbanation.
Shaun Hildebrand
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The average asking rent has seen a 21 percent uptick since February 2022, just before the Bank of Canada began raising interest rates, translating to a monthly rise of $384. “Rent growth in Canada continues at a relentless pace. While we’re seeing some stabilization in certain areas, other regions are experiencing rapid increases due to the ongoing significant mismatch between rental supply and demand,” according to Shaun Hildebrand, President of Urbanation.
The findings also show purpose-built rental apartments witnessing a 14.4 percent increase in annual rents, now averaging $2,110, while condominium rentals have risen by five percent, reaching $2,372 on average. House apartments follow closely with a 5.3 percent increase, setting the average asking rent at $2,347.
Provincial breakdowns show that February saw the most minor rent increases in Ontario and British Columbia for purpose-built and condo apartments, with growth rates of just 1.0 percent and 1.3 percent, respectively. On the other hand, Alberta stands out with an impressive 20 percent annual surge in average asking rents for apartments.
In contrast, Vancouver and Toronto, typically the most expensive Canadian cities for renters, have seen asking rents for purpose-built and condo apartments drop by 3.3 percent and 1.3 percent, respectively. Edmonton, however, has seen the most significant increase among major cities, with rents climbing 17.3 percent over the past year to an average of $1,489.
Smaller cities also feature prominently in the report, with Pointe-Claire in Quebec and Lloydminster in Alberta leading rent increases. British Columbia’s Langley has seen the fastest growth in rents. Additionally, there’s been a notable 72 percent increase in shared accommodation listings in four provinces, with the average asking rent for these units rising by 12 percent to $1,010, mainly led by hikes in British Columbia and Alberta.
| Staff
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