Average asking rents in Canada rose 20 per cent in April for all property types to $2,002 over the pandemic low in April 2021 of $1,662, according to the Rentals.ca and Urbanation latest National Rent Report.*
That’s an average increase of $340 per month.
Average rents were up 9.6 per cent compared to April 2022 ($1,827) but unchanged from March ($2,004).
Expect average asking rents to increase in the next few months because of high demand from Canada’s growing population, and from more tenants staying in the rental market with the high cost of homes and high interest rates. But, the year-over-year percentage of increases should begin to moderate as the country and the rental market came back from the pandemic last year.
“Rents continued to face upward pressure across Canada during April, with the strongest growth felt in markets that see the highest levels of immigration,” said Shaun Hildebrand, president of Urbanation. “Tenants that signed leases during the pandemic may be facing rent increases of 20 per cent or more if they decide to move, causing reduced turnover that is exacerbating the low supply situation.”
(The Rentals.ca Network numbers show only vacated properties that reflect the actual rents a potential tenant encounters when seeking to rent a home. The numbers do not account for occupied units.)
“Canadians have become accustomed to increasing rents after the pandemic,” said Matt Danison, CEO of Rentals.ca Network. “Record immigration with most newcomers renting, high interest rates keeping first-time home buyers on the sidelines, and inflation are all drivers of rising rents, increasing demand and low vacancy rates.”
Vancouver once again tops the list of 35 cities for average monthly rent. In April, average monthly rent in the city for a one-bedroom home was $2,787, and average monthly rent for a two-bedroom was $3,741.
Year over year, average monthly rent in April for a one-bedroom in Vancouver was up 14.7 per cent and up 17.6 per cent for a two-bedroom.
Toronto finished second on the list of 35 cities for average monthly rent in April for a one-bedroom at $2,526 and second for average monthly rent for a two-bedroom at $3,290.
Year over year, average monthly rent in April for a one-bedroom in Toronto was up 20.5 per cent and up 18 per cent for a two-bedroom.
Montreal came in 25th for average monthly rent in April for a one-bedroom home at $1,655 and 19th for average monthly rent for a two-bedroom at $2,169.
Year over year, average monthly rent in Montreal in April for a one-bedroom was up 10.7 per cent and up 11.2 per cent for a two-bedroom.
Average rents in Vancouver and Toronto increased 47 per cent and 41 per cent respectively in April for condominium rentals and apartments compared to the pandemic low in April 2021.
For the third straight month, Calgary leads Canada’s major cities for increasing average rents for purpose-built and condominium apartments. Average rents in April were up 22.9 per cent year over year to $1,924.
Toronto finished second with average monthly rents up 21.2 per cent to $2,822 in April for condo rentals and apartments. Vancouver, the highest priced major market for renters, saw rents rise 16.8 per cent in April to $3,236.
Ottawa average rents in April were up 15 per cent in April for condo rentals and apartments; Edmonton average rents increased 11.8 per cent in April and Montreal average rents rose 10.7 per cent.
Twelve Ontario medium-sized cities in April saw the fastest rising rents year over year for condo rentals and apartments.
The three at the top of the list had average rents exceeding 30 per cent year over year – Scarborough at 31.9 percent, Brampton at 31.2 per cent and Markham at 30.3 per cent. All three rental markets have been affected by high levels of immigration.
Next on the list of increasing annual average rents for condo rentals and apartments in April and topping 20 per cent were these cities and areas: Laval, up 27 per cent; Red Deer, up 25.7 per cent; Coquitlam, up 24.4 per cent; North York, up 24.2 per cent; Langley, up 23.4 per cent; Mississauga, up 22.4 per cent; Barrie, up 20.9 per cent; and Hamilton, up 20.5 per cent.
The rest of the cities and areas on the list with growing annual average rents for condo rentals and apartments in April were: Burnaby, up 19.1 per cent; London, up 18.3 per cent; Etobicoke, up 18.3 per cent; New Westminster, up 17.2 per cent; Guelph, up 16.8 per cent; Kitchener, up 15.8 per cent; Gloucester, up 15.8 per cent; and Gatineau, up 15.2 per cent.
Oakville was the most expensive medium-sized market in Canada in April for condo rentals and apartments with average monthly rents at $3,413.
The next three most expensive medium-sized cities were in British Columbia: Burnaby ($2,894), Coquitlam ($2,788), and Richmond ($2,723).
The only medium-sized city in the top 25 most expensive outside of Ontario and British Columbia was Halifax with average monthly rents at $1,999.
Average monthly rents increased the most in Ontario at 29 per cent and British Columbia at 28 per cent for condominium rentals and apartments compared to the pandemic low in April 2021.
Provincially, average rent in Ontario increased the highest by 16.7 per cent in April to $2,421 for purpose-built and condominium apartments.
Alberta came in second with a 14.8 per cent rise in average monthly rent to $1,500.
British Columbia had the lowest average rent increase in April at 5.6 per cent for condo rentals and apartments, but still maintained the highest average rent at 42,468.
Average rent in Quebec rose 11 per cent in April to $1,850.
*The data includes single-detached homes, semi-detached homes, townhouses, condominium apartments, rental apartments and basement apartments (outlier listings are removed, as are single-room rentals.)