The average rent in Canada is up 1.63% this month at $2,047, driven by a greater rental rate at over 3% in most provinces.
Although average rental rates increased across Canada from May to June, regional markets have experienced their own unique trends over the past year.
|Rank||City||1 Bed||M/M Change for 1 Bed||2 Bed||M/M Change for 2 Bed|
Rental rates mostly increased across property types, most notably in 1 bedroom duplex/triplex and 3 bedroom basement apartments, whose rental rates increased by 21.96% and 9.72%, respectively, month over month. Yet there was a decrease in rental rates in Condos for every number of bedrooms ranging from -1.36% to -2.83%. The largest decrease in rental rates is one-bedroom townhouse properties with a -12.59%.
The highest average rent by square feet and property type in Canada are apartments ranging around 1400 sqft pricing at $3,069 per month and Condos ranging around 1300 sqft in second at $2,874 per month. The lowest rental rates per month in Canada are townhouses ranging around 800 sqft at $1,307.
The highest per square foot rental rates are found in Ontario and British Columbia, with large urban cities like Toronto and Vancouver rental rates driving the price per square foot above $2.98 / sqft for condos. Most other provinces had average rental rates per square foot well below the $2 mark, with Newfoundland and Labrador claiming the lowest average rental rates in Canada for most property types.
At the provincial level, British Columbia boasted rental rates with the average of $2,518 per month in June. The lowest average rates on average in Canada were found in Saskatchewan at $1,233, while experiencing an 11.52% increase in rental prices this past month.
Of note, Nova Scotia and Manitoba saw rates decrease by 7.34% and 5.38%, respectively, and Newfoundland saw rates increase by 8.11%.
The leader in overall listings was Ontario with 4227 listings for June
At the municipal level, Vancouver maintained its spot as the most expensive city in Canada, with average monthly rental rates of $3,309 in March. The lowest rates in Canada were found in Regina.
Halifax, Nova Scotia rental rates decreased by7.34%, representing the largest municipal decline.
The leader in overall listings was Lethbridge, BC with 537 listings for June.
Of note, only four listing for Quebec City was obtained for the month of May. Hence, a 108.51% month to month change in average rent may not be representative of the rental market in Quebec City.
The average rent in Canada is up 1.63% this month at $2,047, driven by a greater rental rate at over 3% in most provinces. Rental rates in Canadian cities, specifically Vancouver, London, Saskatoon, and Regina, have increased by at least 11.35% over the past month.
The rising cost of real estate in the Canadian market continues to be a hot topic amongst Canadians. As the national inflation rate continues to increase, reaching 8.1% for June, can be accredited for the surge in rental rates. Other factors of rising rent costs include international students returning for school, the Canadian Immigration Level Plan which is reaching a new record of immigration numbers each year, and a growth of demand in urban centres coupled with an under-supplied market.
With the release of the Federal Budget, the Liberal Party is working towards increasing housing affordability. New policies, including a two-year ban on foreign homebuyers and a tax-free savings account for first-time buyers, are expected to combat the low housing supply and skyrocketing prices. Other measures include accelerating the construction of residential housing, and building affordable housing units.
SingleKey uses multiple sources of residential rental listings to analyze the rental market on a monthly basis such as Kijiji and Padmapper, giving us a glimpse into the rental market from both small residential landlords and larger property management companies.
SingleKey data is based on 9,855 listings that were scraped during the month of March and 9,686 listings scraped in the month of February. These listings include apartments, condos, townhouses, houses, basements, and duplexes/triplexes, as well as listings with up to 8 bedrooms throughout Canada.
Rental rates calculated in this report are based on data collected from public rental listings on sites, which is a smaller sample size than the universe of rentals in Canada, however we believe it is indicative of the actual rental market and the trends that follow.