Average Reports a Sudden Increase of 10.5% in the Rental Units Last Month

The reports by the Rentals.ca and Urbanation depicts an increase in the rental units in Canada from the last year. It depicts that the average price for a one-bedroom unit in February was $1,920 last year, up 12.9 percent from the same month in 2023. It reports the fastest annual growth since September 2023. 

Before the beginning of interest rate hikes in the Banks of Canada, the report states that there is an overall increase of 21% or an average of $384 per month, two years ago from now. There is a 14.4% increase in traditional purpose-built rental apartments as rents averaged $2,110. 

Condominium rental apartments had average asking rents of $2,372, increasing 5.0% year-over-year, while apartments in houses averaged asking rents of $2,347, rising 5.3% annually.

Ontario and British Columbia reports the slowest growth rate in purpose-built and condo apartments at the provincial level in February, with annual increases of just 1.0% and 1.3%, respectively. Since there is a slow growth in the rental rates, Ontario and British Columbia remain Canada’s most expensive for renters. 

Alberta, province with higher growing rates reports the total average asking prices up 20 percent annually last month to reach $1,708. The average asking rent for purpose-built and condo apartments decreased by 3.3% annually in Vancouver and 1.3% annually in Toronto to $3,017 and $2,803, respectively. Rents decreased marginally by 0.1% month-over-month.

Navneet Kaur