Calgary 
Average rents in Canada have reached a record high, with the average monthly rent hitting $2,042 in June, surpassing the previous record set in November by 0.9 percent, according to the Rentals.ca and Urbanation National Rent Report.
Over the past two years, average rents for all property types in Canada have increased by 20 percent or $341 per month.
The report says average rents saw a 1.4 percent increase from May to June, the largest month-over-month rise this year, and annual average rents increased by 7.5 percent.
Rentals.ca expects that average rents will continue their upward trend with rising immigration and the population crossing 40 million, and today’s Bank of Canada interest rate hike to 5 per cent will make buying even harder for prospective home buyers.
Here are the highlights of the July 2023 Rent Report:
Credit: National Rent Report
Rent Trends by Property Type:
- Annual growth in asking rents for purpose-built and condominium apartments increased to 8.9 percent in June.
- Smaller and less expensive unit types, such as studios and one-bedrooms, saw the strongest month-over-month rent growth.
- One-bedroom units experienced the highest annual growth rate of 10.4 percent.
Roommate Accommodations:
Credit: National Rent Report
- Average monthly rents for roommate accommodations in Canada’s four largest provinces increased by 15 percent from the previous year.
- British Columbia had the highest roommate rents, followed by Quebec.
- Vancouver had the highest average roommate rent among cities, followed by Toronto, Ottawa, and Montreal.
- The average rent for roommate accommodations rose 21 per cent year over year in British Columbia and Quebec to $1,157 and $980 respectively in June. Average roommate rents in June for Ontario were $996 and for Alberta $808.
- By city, average roommate rents in June were highest in Vancouver at $1,454, followed by Toronto at $1,288, Ottawa at $947 and Montreal at $927.
Provincial Overview:
Credit: National Rent Report
- Alberta maintained its lead in annual rent growth for the second consecutive month, with average asking rents up 18.3 percent.
- Quebec surpassed Ontario to take the second spot for annual rent growth.
- British Columbia remained the most expensive province for tenants, followed by Ontario and Alberta.
Municipal Overview:
Credit: National Rent Report
- Calgary surpassed the $2,000 mark for the first time, overtaking Montreal as the fourth most expensive for renters among Canada’s major cities. Rents rose 18.4 per cent year over year.
- Vancouver remained the most expensive city, with average monthly rents of $2,945 for a one-bedroom home and $3,863 for a two-bedroom.
- Toronto dropped to third place on the list of average monthly rents, with $2,572 for a one-bedroom and $3,301 for a two-bedroom.
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Ottawa saw average rent of $2,146 in June, with annual rent growth of 15.3 per cent for purpose-built and condominium apartments.
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Montreal average rent for purpose-built and condominium apartments rose 11.2 per cent annually to $1,931 in June.
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Edmonton has by far the most affordable rent averaging $1,368 in June and increasing 13.5 per cent year over year for purpose-built and condominium apartments.
- Scarborough and Brampton posted the fastest rent growth in Canada among mid-sized cities.
- Oakville was the only suburb in the Greater Toronto Area (GTA) with average rent ($3,230) more expensive than Toronto ($2,813) in June for purpose-built and condominium apartments and continued to be the country’s most expensive midsize market for renters.
- Richmond overtook Burnaby and Coquitlam to become Vancouver’s most expensive suburb.
Credit: National Rent Report
“Rent inflation reaccelerated in June as the Canadian rental market entered into the busy summer season, with each of the country’s largest cities positing double-digit annual increases,” said Shaun Hildebrand, president of Urbanation.
“It’s no coincidence that cities with the fastest population growth are at the top of the list for rent increases. Expect further upward pressure on rents in the near-term as the market moves through its peak period of the year and demand continues to strongly outstrip new supply.”
The National Rent Report analyzes monthly, quarterly, and annual rental market rates and trends on a national, provincial, and municipal level across all listings on the Rentals.ca Network for Canada. Urbanation, a Toronto-based real estate research firm, analyzes Rentals.ca Network data and writes the report.
