Average rent in Canada hit another record high in August

Sep 13 2023, 5:48 pm

The average rent in Canada continues to skyrocket, breaking record after record.

According to the latest report from Rentals.ca and Urbanation, the average asking rent reached a new record high of $2,117 in August, with a monthly increase of 1.8% and an annual growth rate of 9.6%.

To top that off, it looks like rent is going up by more than $100 a month now.

The report found that over the past three months, spanning from May to August, the rental market in Canada experienced a 5.1% increase in asking rents. That’s equivalent to a monthly rent increase of $103.

ā€œUnlike in the US, rent inflation in Canada has failed to cool down despite rental completions having reached their highest level in decades,ā€ said Shaun Hildebrand, president of Urbanation.

ā€œThis is illustrative of the severe rental housing shortage across the country and the magnitude of the impact on rental demand as the population expands by a record pace.ā€

rent

Urbanation Inc., Rentals.ca network

It suddenly makes sense why some people are resorting toĀ renting half of their bedroom for over $1,000.

The amount of completed rental apartments in the country over the past 12 months has reached its highest levels since the 1970s, yet rent growth has remained exceptionally strong.

The report attributes this to Canada’s soaring population growth and the sharp deterioration in home affordability.

Among the types of rental properties, studios saw the biggest monthly rent increases of 2.4% to reach an average of $1,480.

One-bedrooms had the fastest yearly growth in asking rents at 14.8%, averaging $1,880 monthly.

The report found that two-bedroom asking rents averaged $2,233 and three-bedroom asking rents averaged $2,448, increasing by 12.3% and 10.6% yearly, respectively.

Average rent ranked by city

Rentals.ca also provided an overview of where major Canadian cities ranked based on average rent last month.

Vancouver continues to sit in first place for highest across the country, with an average of $3,316 a month.

It’s followed closely by Oakville, Ontario, with an average of $3,007 a month, and Toronto, with $2,898 a month.

Despite not being in the top three, the report says that Calgary leads in rent growth among Canada’s largest cities, recording a 17.3% yearly increase in August to an average of $2,068.

rent

Urbanation Inc., Rentals.ca network

Where does your city land on this list?

National Trending StaffNational Trending Staff

+ Real Estate
+ Urbanized
+ Canada
ADVERTISEMENT