Toronto 
Rentals.ca and Bullpen Research & Consulting have released their monthly National rent report, which analyses the state of the rental market from coast to coast.
The report finds that the rentals rates increased by an average of 9% from April 2021. The average rent now is $1,821 per month in Canada.
The average rent is about $100 more than per month’s average rent reported by Rentals.ca in March 2022.
The increase in this report is higher than the rate of increase in Statistics Canada’s April inflation report.
The rent report finds that April 2021 rent figure was the lowest national average rate over the last four years. April 2022’s average rent is close to pre-pandemic rent levels and about $25 lower than the levels experienced the same month in 2020 and 2019.
According to Rentals.ca, British Columbia ($2347), Saskatchewan ($1051) and Alberta ($1289) had the highest month-over-month increases in average rent indicating stronger rental demand in western Canada than eastern Canada.
Ontario had the second-highest average rent at $2,093 per month, while Newfoundland had the lowest at $950 per month (median: $875).
Credit: Rentals.ca
An analysis of rents in Canadian cities by Rentals.ca found that London had the highest increase in average rents per square foot year over year for condo rentals and apartments at 22 per cent.
Vancouver topped the list of 35 cities for average monthly rent (no surprise here!) with average rent for a one-bedroom home at $2,334, and two-bedroom at $3,324.
The average monthly rent in April for a one-bedroom in Toronto was up 13 per cent at $2,849 and up 17.2 per cent for a two-bedroom at $2,065.
Credit: Rentals.ca
For those working from home, out of the 35 cities analyzed for average monthly rent by rentals.ca, Regina offers the best price for 1-bed room rentals at $946 and Red Deer for a 2-bed room at $1,087.
The report is based on the rentals listed on rentals.ca. Rentals.ca says the report is generated based “on the asking rents of vacated units only (the flow) — this is a smaller sample size, but more representative of the actual market rent a prospective tenant encounters.”
