Average monthly rent in Canada up $340 compared to April 2021
A new rental report has revealed that the average asking rent in Canada rose 20% in April for all property types to an average of $2,002, compared to $1,662 at the same time in 2021.
This means tenants nationwide are spending an additional $340 per month on rent. Year-over-year (YOY) rents have also spiked across the nation.
According to Rentals.ca and Urbanation’s new National Rent Report, Vancouver stood first in the highest rents among 35 cities, and Toronto followed second — but are we surprised?
Provincially, Nova Scotia saw an eye-popping 30% increase in rent for three-bedroom apartments.
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“Rents continued to face upward pressure across Canada during April, with the strongest growth felt in markets that see the highest levels of immigration,” noted Shaun Hildebrand, president of Urbanation.
“Tenants that signed leases during the pandemic may be facing rent increases of 20% or more if they decide to move, causing reduced turnover that is exacerbating the low supply situation,” he added.
Nationally, Canadian apartments were the top rental housing type to see significant increases (+12.9% YOY), followed by houses and townhomes (+6.4% YOY), and finally, condos (+3.7% YOY).
Here’s the lowdown on housing in major Canadian cities:
Vancouver
One-bedroom apartments and condos clocked in at $2,823 (+15% YOY), and two-bedroom units cost a terrifying $3,816 (+14% YOY) monthly rent as of May. Vancouver takes the cake for being the most expensive city in Rentals.ca’s research.
Studio units saw the most considerable year-over-year increase (24%) with a median rent of $2,471.
And you might not even want to think about a three-bedroom in the city, with an average rent of $4,154 (+10.2% YOY).
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The average rent for condo and apartment rentals in Vancouver soared by 47% compared to April 2021.
Toronto
Toronto maintained the second-highest rent increase in April, with one-bedroom homes coming in at $2,526 (+20.5% YOY) and two-bedrooms at $3,290 (+18% YOY) per month on average.
Studio apartments saw the biggest rent increase among apartments and condos, with an average of $1,996 (+21.2% YOY) in May. One-bedroom apartments went up 20% year-over-year as well, averaging $2,538. Rent for three-bedroom apartments saw the lowest increase, staying under Vancouver’s $4,000+ range at $3,791 in May, too.
But the most shocking part of the city’s rental housing trajectory has to be a puzzling 41% increase since April 2021.
Calgary
While Toronto showed the second-highest rents in Canada, Calgary led the pack in rental increases for purpose-built condos and apartments — for the third month straight.
Average rents in May were up 22.9% year-over-year — the highest increase in the country — to $1,924. Among apartments, one-bedroom flat rents increased by 19.7% ($1,692), and two-bedroom flats saw the biggest year-over-year increase with an extra 23.8% ($2,133/month).
Even studio apartments weren’t spared by soaring costs. On average, Calgarian studio tenants saw rent go up by 15.3%.
Edmonton
In Edmonton, two- and three-bedroom apartments saw the biggest national increase in rent (+13.8% YOY) among condos and apartments, with monthly costs averaging $1,521 and $1,642, respectively.
The city came 32nd in Rentals.ca’s ranking of high rents, followed by Red Deer in Alberta and Saskatchewan cities Saskatoon and Regina.
Despite overall increases, the city still boasts some of the cheapest rent in Canada for studio apartments at $941 (+11.8% YOY), just $100 over the most affordable city for studio apartments, Regina.
Montreal
Though Montreal stood in the 25th position for rent in Canada, the jump in rent compared to last year was pretty high.
A one-bedroom home in the city has a monthly tag of $1,655 (+10.7% YOY), and a two-bedroom home stood at $2,169 (+11.2% YOY) on average.
Studio and three-bedroom apartments saw the lowest year-over-year increase at 2.3% and 3.5%
“Canadians have become accustomed to increasing rents after the pandemic,” observed Rentals.ca CEO Matt Danison. “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.”
Read the full report here.
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