For the month of March 2022, the average cost to rent Canadian properties was $1,905 per month and a monthly increase of 4.1%. Median rents were $1,750 per month in March, with a monthly increase of 2.90%.
Although average rental rates increased across Canada from February to March, 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|
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 $3.03 / 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 of $2,275 per month in March. The lowest rates in Canada were found in Newfoundland and Labrador while experiencing a 2.32% decrease in rental prices this past month.
Of note, British Columbia and Alberta saw rates increase by 5.23% and 7.31%, respectively, and Saskatchewan saw rates decrease by 4.03%.
The leader in overall listings was Ontario with 3,545.
At the municipal level, Vancouver maintained its spot as the most expensive city in Canada, with average monthly rental rates of $2,807 in March. The lowest rates in Canada were found in Regina.
Hamilton, Ontario rental rates decreased by 6.94% , representing the largest municipal decline.
The leader in overall listings was Lethbridge, BC with 401 listings.
The average rent in Canada is up 4.1% this month, driven by a greater rental rate of at least 2% in most provinces. Rental rates in Canadian cities, specifically Oakville, Montreal, Mississauga, Scarborough, and Calgary, have increased by at least 5.19% over the past month.
The rising cost of real estate in the Canadian market continues to be a hot topic amongst Canadians. The surging rates in urban centres, such as Vancouver and Toronto, can be accredited to a demand for housing that is exceeding the current supply. And as the restrictions of the pandemic wind down, we should prepare for a surge in rental rates within urban cities as people return to offices.
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.