Rentals.ca has released it’s annual rent report, which analyses the state of rental market from coast to coast.
The report finds that the rentals rates increased by an average of 4.3%.
As expected, Ontario and British Columbia have the highest rental rates in the last quarter of 2019, with an average of $2,318 and $1,928 per month respectively on average (all property types). The lowest average rent, $954 per month, is in Newfoundland and Labrador.
Credit: Rentals.ca
Analysis of rents in Canadian cities by Rentals.ca found that average rent for a one bedroom unit in Toronto is $2299 and $2914 for a two bedroom unit. The year over year increase is as much as 13% for a two bedroom unit. Oakville, North York (Toronto), Mississauga and Vancouver took the next four slots. Vancouver has the 2nd highest rental rates across the country for 2 bedroom unit.
St. John’s and Saskatoon are the cheapest places to rent in Canada with rates of $885 and $906 per month respectively for a 1 bedroom unit and $1088 and $1065 for a two bedroom unit. Lethbridge, Alberta has the cheapest rental rates for a two bedroom unit at $1022.
Ontario cities of London and Hamilton are mid tier cities in terms of rental rates, but the year over year rates increased by as much as 30% for London ($1195 for 1 bed room) and 29% increase for Hamilton, reaching an average of $1505.
While rental rates increased in all other provinces, the average rates reduced in most Alberta cities with rates in Calgary and Edmonton decreasing by 7% for single bedroom unit. Though average prices decreased, rental rates in select pockets in Calgary like Centre Pointe West and Oak Hill Estates increased by as much as 11.6% and 9.4% respectively.