The average rent in Canada soared in 2022 and now stands at a whopping $2,024.
A new report from Rentals.ca explored what renting a home, condo, or apartment looked like this year and noticed a shocking increase of 12.4% compared to 2021.
While over 66% of Canadians live in owned homes, the rest have had to review their expenses to be able to pay their landlords. The situation has only gotten progressively worse.
Rents rose 2.5% from October and 4.9% over the past three months.
Condo-style studio units saw the biggest increase, becoming 16.6% pricier and averaging at $1,918. With an added $132, you could get a one-bedroom for $2,050.
Amounts jump sharply for two-bedroom units, costing a monthly $2,422 on average, and three-bedroom units costing around $2,723.
Apartment buildings, on the other hand, were a lot less costly but still showed a huge increase compared to 2021.
Studio, one-bedroom, two-bedroom, or three-bedroom apartments averaged $1,345, $1,657, $2,030, and $2,318, respectively. The highest rent increase was for two-bedroom apartments (12.6%).
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Where are the highest rents in Canada?
BC ranks at #1 with the most expensive rental market in all of Canada. Average rents for purpose-built and condominium rents rose 16% annually in the province; one-bedroom units averaged $2,173, and two-bed units cost a hefty $2,820 per month.
Average rents for purpose-built and condominium rents rose 15.3% annually in Ontario, while one-bedrooms averaged $2,156. The median rent for a two-bedroom unit is $2,638.
Rentals.ca reports that Atlantic Canada has the fastest-appreciating rental market in the country, growing by 31.8% this year in November. The average rent in the region reached $1,716 for one-bedroom units and $2,032 for two-bedroom units.
With a 15% increase year-over-year, Alberta rents were also up double digits in November. And though that’s a significant skip, rental properties remained somewhat affordable, averaging $1,283 for a one-bedroom unit and $1,618 for a two-bedroom one.
Quebec also saw a spike in rent, but compared to the aforementioned provinces, it was a s short spike. Rents only increased by 6.3% this year.
To read more about how the average rent has changed across Canada, check out the full Rentals.ca report here.