At the municipal level, Vancouver maintained its spot as the most expensive city in Canada, with average rental rates of $2,772 per month in January. The lowest rates in Canada were found in Regina.
Toronto, Ontario rental rates increased by 9.51% and St.Johns, Newfoundland saw the largest municipal decline of 9.20%.
The leader in overall listings was Lethbridge, BC with 551.
Of note, only one listing for Quebec City was obtained. Hence, an average rental rate of $750 and 32.72% monthly rental decline be may not be representative of the rental market in Quebec City.
The average rent in Canada is up 1.27% this month, driven by a greater rental rate of at least 2% in most provinces. This shows that the rental market is levelling out after the decrease in national rent prices seen during the months of November and December. We see an increase in the cost to rent in most large urban centres despite prevailing Covid-19 restrictions. Canadian cities such as Toronto, Vancouver, and Edmonton saw rental rates increase as demand for urban rental properties drove prices higher.
Given the increase in rents in large urban centres such as Toronto and Vancouver, we can see that the real estate rental market in Canada continues to recover from a difficult 2020 and 2021. However, it is possible the Omicron variant will continue to create uncertainty in the real estate rental market.
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 December and 9,686 listings scraped in the month of November. 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.