Average rents in Canada up 9%: National Rent Report

Average rent for all Canadian properties listed on Rentals.ca in April was $1,821 per month, an annual increase of 9 per cent from $1,676 per month in April 2021, according to the Rentals.ca and Bullpen Research & Consulting latest National Rent Report.

The April 2021 rent figure was the lowest national average rate over the last four years, with the monthly results in 2022 close to pre-pandemic rent levels, says the report.

The report further states that high gas prices could boost demand for transit-friendly and walkable urban locations.

“Rental rates overall in Canada have been relatively stable through the first four months of the year, which masks some of the underlying movements,” said Ben Myers, president of Bullpen Research & Consulting. “Average rental rates for single-family homes, townhouses and condominium apartments have experienced strong month-over-month growth as demand increases for higher-end properties. Big city rents are surging with Vancouver and Toronto leading the way. A return to the office, high gas prices, and rising interest rates are all fueling demand for centrally located rental offerings.”Vancouver’s average monthly rent in the city for a one-bedroom home was $2,334, and for average monthly rent for a two-bedroom was $3,324. Year over year, average monthly rent in April for a one-bedroom in Vancouver was up 18.1 per cent and up 23.7 per cent for a two-bedroom. Month over month, average rent in Vancouver was up 2.4 per cent for a one-bedroom and up 6.5 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 $2,065 and for average monthly rent for a two-bedroom at $2,849. 

Year over year, average monthly rent in April for a one-bedroom in Toronto was up 13 per cent and up 17.2 per cent for a two-bedroom. Month over month, average rent in Toronto was up 2.1 per cent for a one-bedroom and up 2.6 per cent for a two-bedroom.

Montreal came in 21st for average monthly rent in April for a one-bedroom home at $1,489 and 19th for average monthly rent for a two-bedroom at $1,952. 

Year over year, average monthly rent in April for a one-bedroom in Montreal was up 0.9 per cent but down 2.5 per cent for a two-bedroom. 

Vancouver average rents for condominium rentals and apartments increased 25 per cent year over year to $2,748 in April.

Average rents in Toronto and Etobicoke for condo rentals and apartments were up annually by 15 per cent to $2,303 and $2,173 respectively; Calgary average rents were up 13 per cent to $1,533; Hamilton average rents increased 11 per cent to $1,790; and Mississauga, and London rents rose 7 per cent to $2,070 and $1,581, respectively. 

North York and Edmonton average rents for condominium rentals and apartments rose year over year by 5 per cent to $2,012 and $1,181 respectively; Saskatoon rents increased 4 per cent to $1,071; Windsor rents were up 3 per cent to $1,436; Montreal rents increased 2 per cent annually to $1,701 and Ottawa average rents for condo rentals and apartments rose 1 per cent to $1,786. 

Annual average rents were down in Regina and Winnipeg for condo rentals and apartments by 4 per cent to $999 and by 2 per cent to $1,314 respectively. 

London had the highest increase in average rents per square foot year over year for condo rentals and apartments at 22 per cent; next were Vancouver at 19 per cent; Calgary at 18 per cent; Toronto and Ottawa at 14 per cent; York at 11 per cent and Saskatoon at 10 per cent.

British Columbia, Saskatchewan and Alberta had the highest month-over-month increases in average rent indicating stronger rental demand in western Canada than eastern Canada. 

British Columbia had the highest average rents in April, with landlords asking $2,347 per month for all property types (median: $2,200), representing a monthly increase of 2.7 per cent.

Saskatchewan average rents in April increased monthly by 2.3 per cent to $1,051, while Alberta average rents were up month over month by 2.1 per cent to $1,289. 

Ontario had the second highest average rents at $2,093 per month (median: $2,000), while Newfoundland had the lowest at $950 per month (median: $875).

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