For the month of July, 2021, the average cost to rent Canadian properties was $1,720 per month and a monthly increase of 2.56%. Median rents were $ 1,575 per month in July, a 5% increase.
Although average rental rates increased across Canada from May to June, regional markets have experienced their own unique trends over the past year. Of note, 2-bed rentals in Richmond were listed at 11.17% higher on average in July versus June.
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 $2.6 / sqft for condos. Other provinces had average rental rates per square foot well below the $2 mark, with Newfoundland claiming the lowest average rental rates in Canada for most property types.
At the provincial level, British Columbia boasted rental rates of $2,077 per month in July. The lowest rates in Canada were found in Saskatchewan.
Of note, British Columbia saw rates increase by 5.82% and Alberta saw rates decrease by 2.60%.
The leader in overall listings was Ontario with 6,708.
At the municipal level, Vancouver maintained its spot as the most expensive city in Canada, with average rental rates of $2,495 per month in July. The lowest rates in Canada were found in Quebec.
Victoria, British Columbia rental rates increased by 8.15% and Calgary saw the largest municipal decline of 9.93%.
The leader in overall listings was Mississauga with 822.
The average rent in Canada grew by 2.56%, driven by a growth rate of at least 2% in most provinces. We continue to see rental rates increase in large urban centers as the Canadian rental market recovers from Covid-19. Major urban centers such as Vancouver, Toronto, Edmonton, and Halifax saw rental rates increase as increased demand for urban rental properties drove prices higher.
As Canada’s vaccination program reaches more residents, the country is expected to open up. The continuation of price increases over the last quarter suggests the return to normalcy is on its way. With immigration restrictions from emergency orders expected to relax as well, landlords are expecting to see further demand growth for their properties.
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 13,783 listings that were scraped during the month of July and 14,778 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.