What’s the average rent in Canada?

The information launched Monday by Leases.ca and Urbanation, which analyzes month-to-month listings from the previous’s community, reveals the common month-to-month value of a one-bedroom unit in February was $1,920, up 12.9% from the identical month in 2023.

The typical asking worth for a two-bedroom was $2,293, up 11.3% yearly.

How a lot have hire prices elevated in Canada?

The report says asking rents in Canada have elevated total by a complete of 21%, or a median of $384 monthly, from two years in the past, simply earlier than the beginning of interest rate hikes by the Bank of Canada (BoC).

Alberta maintained its standing because the province with the fastest-growing rents, with whole common asking costs up 20% yearly final month to succeed in $1,708.

British Columbia and Ontario posted the slowest progress in February, with annual will increase of 1.3% and 1%, respectively. However the provinces stay Canada’s most costly for renters, with whole common asking rents of $2,481 in B.C. and $2,431 in Ontario.

What’s the most costly metropolis in Canada for hire?

On a municipal foundation, the most important cities in these two provinces additionally stay the most costly main cities to stay in Canada for renters. The typical asking worth for a one-bedroom unit in Vancouver final month was $2,653, down 1.1% from a month earlier, although nonetheless 0.5% greater than February 2023.

In Toronto, landlords had been itemizing one-bedroom models for $2,495 on common, down 0.6% on a month-over-month foundation and 0.2% from a 12 months in the past.

Condos vs. flats

Conventional purpose-built rental flats posted the quickest year-over-year worth progress in February with a 14.4% improve, as rents averaged $2,110. Condominium leases, with a median hire of $2,372, and flats in homes, at $2,347, had slower annual progress of 5% and 5.3%, respectively.