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 by an average of 6.6% from March 2021. The average rent now is $1,706 per month in Canada.
The increase in this report is 2.5% higher than the rate of increase in Statistics Canada’s March inflation report.
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.”
Rentals.ca
British Columbia and Ontario have the highest rental rates, with an average of $2200 and$1995 per month respectively (all property types). The lowest average rent, $875 per month, is in Newfoundland and Labrador.
Regina, Nepean (Ottawa), and Winnipeg experienced an annual decline in average monthly rent at 4.7%, 0.2% and 1.1% respectively.
Rentals.ca
An analysis of rents in Canadian cities by Rentals.ca found that the average rent for a one-bedroom unit in Toronto is $2023 and $2776 for a two-bedroom unit. The year-over-year increase is as much as 16.15% for a two-bedroom unit.
Vancouver has the highest average monthly rental rate at $2,925 and saw an increase of 13,94 % for 1 bedroom unit and 17.59% for a two-bedroom unit.
Rentals.ca
The highest monthly increase in rent for a one-bedroom is in Burlington at 8.67% (an average of $2017) while the Oshawa saw the highest year-over-year increase at 18.7% (an average of $1657).
Kitchener saw a rent increase of 9.69% over last month for a two-bedroom and Surrey saw the highest year-over-year price increase at 20.58%.
Prairie cities of Lloydminster, Red Deer, Regina, Saskatoon, Lethbridge, Edmonton and Winnipeg are the cheapest places to rent among the cities analyzed by rentals.ca.