Toronto 
Rentals.ca has released its monthly National rent report, which analyses the state of the rental market from coast to coast.
The report finds that the rentals rates increased 11.1 per cent year over year in August and rose 16.8 per cent since the recent low of $1,676 per month in April of last year.
The average national rent is now $1,959 and is higher than the September 2019 peak.
The August report which is based on the rentals listed on rentals.ca in 35 cities across Canada finds that the average rental cost of listing on the platform is nearly $200 more expensive than a year ago.
The average rent for single-family homes in August was $3,061 per month, up 13 per cent over August 2021.
The average rent for condo apartments was $2,312 up 7 per cent over August 2021.
The average rent for apartments was $1,729 per month in August up 5.5 per cent annually.
Credit: Rentals.ca
British Columbia and Ontario have the highest rental rates, with an average of $2578 and $2367 per month respectively (all property types). The lowest average rent, $1131 per month, is in Newfoundland and Labrador.
The rental rate in B.C shows an increase of almost 24%. While Nova Scotia rentals show an increase of 43%, the report says, it can be due to a much smaller sample size that may skew the results and that the average unit size in Nova Scotia got much larger in August 2022 compared to a year earlier, as there were more single-family rentals for lease.
Average rents in Manitoba were virtually unchanged in August, up 0.8 per cent to $1,396.
Quebec average rents were $1,732 in August, up 6.3 annually, while Alberta average rents rose almost 12 per cent year over year in August to $1,349. Saskatchewan average annual rents also rose almost 12 per cent in August to $1,01.
Credit: Rentals.ca
Among the cities, average rent increased more than 20 per cent year over year in August in five Canadian cities for condominium rentals and apartments:
- London, up 26.5 per cent to $1,979
- Calgary, up 24.7 per cent to $1,751
- Vancouver, up 24.4 per cent to $3,184
- Toronto, up 24.2 per cent to $2,694
- Hamilton, up 21 per cent to $1,961.
As usual, Vancouver topped the list of 35 cities for average monthly rent with an average one-bedroom home rental at $2,574, and average monthly rent for a two-bedroom at $3,694. This represents an increase in year-over-year average monthly rent at 18.8 per cent and 21.4 per for one and two-bedroom respectively.
Rental cost in Toronto was up 17.1 per cent for a one-bedroom at $2,329 and 24.3 per cent for average monthly rent for a two-bedroom at $3,266.
Prairie cities of Lloydminster, Saskatoon, Regina, Fort McMurray, Edmonton and Winnipeg are the cheapest places to rent among the cities analyzed by rentals.ca.
Credit: Rentals.ca
Rentals.ca says with the Bank of Canada increasing interest rates, potential buyers are further dissuaded from buying, meaning even higher demand in a rental market already crowded from booming immigration, students returning to university, and workers moving back to city centres.
“With several economists calling for an extended ownership housing market correction, demand has shifted dramatically to the rental market, which is significantly undersupplied in many major Canadian municipalities, ” said Ben Myers, president of Bullpen Research & Consulting.
