Average rent in Canada up nearly 12% year-over-year to nearly $2,000: report


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dated: 2022-11-20 00:09:46 .

The average rent in Canada rose nearly 12 per cent from last year to nearly $2,000 last month, according to a new national report.

The latest national rent report from Rentals.ca and Toronto-based real estate research firm Urbanation shows that average rents in October rose 11.8 per cent, or $209, from the same month last year to an average of $1,976 for all types of real estate.

The data includes vacant single-family and single-family homes, townhouses, condominiums, rental apartments and basement apartments.

That’s more than double the 5.6 per cent annual increase in average hourly wages in Canada, the report’s authors said.

The average rent in October increased by 2.2 percent compared to September. It was also seven percent, or $130, higher than the pre-pandemic high of $1,845 in October 2019, the report said.

“Unprecedented growth in current rents is broad-based across Canada, with most markets reporting double-digit annual rent inflation,” said Shaun Hildebrand, president of Urbanation, in a press release.

“The rental market is getting hotter with every increase in prices combined with record high population growth. The need to increase rental supply has never been greater.”

Vancouver topped the list of 35 cities with average monthly rents in October of $2,576 for a one-bedroom home and $3,521 for a two-bedroom home — up 17.2 and 16.1 percent, respectively, from the previous year.

Toronto ranked as the second most expensive city to rent at $2,478 for a one-bedroom and $3,319 for a two-bedroom. Both increased by 23.7 and 23.8 percent, respectively, compared to the same month in 2021.

The next most expensive cities on the list are Burnaby, BC; Etobicoke, Ont.; Burlington, Ont.; Victoria, BC; and Oakville, Ont.

Grande Prairie, Alta., had the cheapest rents among the 35 cities analyzed for the report, at $968 for one-bedroom apartments and $1,173 for two-bedroom apartments, up eight and 9.7 percent from a year ago, respectively. year.

The ranking is based on the average price of a one-room unit.

The news comes as the Bank of Canada has sought to control rising inflation this year by raising interest rates – and has raised its overnight target six times since March.

After a steady decline throughout 2020, the report shows that average rental prices began to rise in the spring of 2021 and continued to rise year-over-year through the fall of 2021.

With files from the Canadian Press

Source: www.ctvnews.ca

Average rent in Canada up nearly 12% year-over-year to nearly $2,000: report

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Source https://canadatoday.news/ca/median-rent-in-canada-rose-nearly-12-year-over-year-to-nearly-2000-report-154804/

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