Toronto 
Average rent in Canada is increasing faster than ever before says Rentals.ca and Bullpen Research & Consulting in their October National Rent Report.
The average rent in Canada in September was $2,043 per month, and the national average rent for all property types rose 21.9 per cent since the recent low of $1,676 per month in April of last year.
The report which is based on the rentals listed on rentals.ca in 35 cities across Canada finds that the increase in monthly rentals is 15.4 per cent year over year and 4.3 per cent monthly.
Ben Myers, president of Bullpen Research & Consulting in a statement said, “The 4.3 per cent increase in average asking rent from August to September is the largest monthly increase since Rentals.ca and Bullpen Consulting began publishing this report in 2018. Part of the increase is attributable to larger units on the market, and high-end building completions adding expensive listings, but rental demand has increased significantly with the continued interest rate hikes, falling ownership house prices, and changing post-pandemic preferences.”
The average rent in September 2022 compared to September 2021 in Canada was:
- $3,014 per month, 12.1 per cent higher for single-family homes. Rent per-square-foot was $1.70
- $2,382 per month, 7.7 per cent for condo apartments. Rent per-square-foot was $2.97
- $1,810 per month, up 11.8 per cent for rental apartments. Rent per-square-foot was $2.46
British Columbia had the highest average rental rate based on all property types at $2,682 per month in September 2022, an annual increase of 31%.
Average rents in Nova Scotia, as per Rentals.ca, is now $2,453 per month, higher than Ontario‘s average of $2,451. This represents an increase of almost 36% year over year for Nova Scotia.
The average annual rent was up more than 20 per cent year over year in six cities and areas in September for condo rentals and apartments:
- 33.1 per cent to $2,020 in London
- 31.2 per cent to $2,855 in Toronto
- 29.3 per cent to $3,225 in Vancouver
- 25.4 per cent to $2,374 in Brampton
- 24.1 per cent to $1,770 in Calgary
- $23.9 per cent to $2,415 in York (Toronto)
- $22.4 per cent to $2,381 in North York (Toronto)
- $21.3 per cent to $2,100 in Kitchener
The lowest increases in average annual rent in September for condo rentals and apartments were Gatineau, up 2.3 per cent; Fort McMurray, up 2.4 per cent; Winnipeg, up 3.5 per cent and Montreal, up 3.7 per cent annually.
Vancouver continues to top the list of 35 cities for average monthly rent with an average one-bedroom home rental at $2,590, and average monthly rent for a two-bedroom at $3,707. This represents an increase in year-over-year average monthly rent at 20.2 per cent and 26.4 per for one and two-bedroom respectively.
Rental cost in Toronto was up 27.5 per cent for a one-bedroom at $2,474 and 27.7 per cent for average monthly rent for a two-bedroom at $3,361.
The report finds that Condo rentals are up 54 per cent in Vancouver, and 46 per cent in Toronto since their pandemic lows in February 2021.
Prairie cities of Saskatoon, Regina, Fort McMurray, Edmonton, and Lethbridge are the cheapest places to rent among the 35 cities analyzed by rentals.ca.
