For the month of August, 2021, the average cost to rent Canadian properties was $1,700 per month and a monthly decrease of 1.15%. Median rents were $ 1,550 per month in August, a 1.59% decrease.
Although average rental rates decreased across Canada from July to August, regional markets have experienced their own unique trends over the past year. Of note, 1-bed rentals in Abbottsford, BC were listed at 28.44% higher on average in August versus July.
Rental rates mostly decreased across most property types except for townhouses, where 1 bedroom home rental rates increased by over 18% month over month.th over month.
The highest per square foot rental rates are found in British Columbia and Ontario, with large urban centers like Vancouver and Toronto rental rates driving the price per square foot above $2.5 / sqft for condos. 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 commanded rental rates of $1,980 per month in August. The lowest rates in Canada were found in Newfoundland and Labrador.
Of note, Saskatchewan saw rates increase by 6.65% and British Columbia saw rates decrease by 4.68%.
The leader in overall listings was Ontario with 8,564.
At the municipal level, Vancouver maintained its spot as the most expensive city in Canada, with average rental rates of $2,435 per month in August. This occurred even though the average price in Vancouver dropped by 2.41%. The lowest rates in Canada were found in Quebec.
Kingston, Ontario rental rates increased by 9.19% and Mississauga saw the largest municipal decline of 4.85%.
The leader in overall listings was Mississauga with 854.
The average rent in Canada dropped by 1.15%, driven by a declining rental rate of at least 2% in most provinces. We continue to see an increase in the cost to rent in most large urban centers as the Canadian rental market recovers from Covid-19. Canadian cities such as Victoria, Toronto, Edmonton, and Hamilton saw rental rates increase as increased demand for urban rental properties drove prices higher.
The rising cost of real estate in the Canadian market continues to be a hot topic amongst Canadians. This scrutiny has put rental rates in the spotlight for the federal election as most major political parties in Canada have made affordable housing a clear part of their campaign platforms. Regardless of the winner of the next election, there will likely be changes ahead for renters and owners.
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 16,684 listings that were scraped during the month of August and 13,783 listings scraped in the month of July. 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.