For the month of May 2021, the average residential rental rate in Canada was $1,615 per month, a monthly increase of 2.28%. Median rents were $1,500 per month in May, a 0.33% increase from last month.
Although average rental rates increased across Canada from April to May, regional markets have experienced their own unique trends over the past year. Of note, 2-bed rentals in Vancouver were listed at 6.86% higher on average in May versus April.
At the provincial level, British Columbia saw the highest rental rates of $1,862 per month in May. The lowest rates in Canada were found in Newfoundland and Labrador at $1,055 per month, down 1.75% month over month.
Of note, New Brunswick saw rates increase by 6.71% and the Newfoundland and Labrador saw rates decrease by 1.75%.
The leader in overall listings was Ontario with 9,412 listings in the month of May.
At the municipal level, Vancouver, BC saw average rental rates climb to $2,243 per month in May. The lowest average rental rates in Canada were found in Saguenay, QC, up to $736.
The two cities experiencing the largest shifts in rental rates from April to May were Victoria, BC which saw rates increase by 6.56% and London, ON, which saw rates decrease by 7.28%.
The leader in overall number of listings was Longueuil, QC with 472 listings in the month of May.
The average rent in Canada increased by at least 1% in most provinces, with greater than 5% increases seen in the maritime provinces of New Brunswick and Nova Scotia. In stark contrast, Newfoundland and Labrador saw a decrease in rental rates. This appears to be in line with the expectations for improved vaccination rates and lifting of lockdown orders in Canada as Covid-19 cases continue their downward trend, making people more comfortable with moving to new homes.
SingleKey uses multiple sources of rental listings to analyze the rental market on a monthly basis such as Padmapper and Kijiji, giving us a glimpse into listings from both residential landlords and commercial property management companies.
SingleKey data is based on a sample of 33,000 listings that were analyzed during the month of May and 21,000 listings analyzed for the month of April. These listings include apartments, condos, townhouses, houses, basements, and duplexes/triplexes, as well as listings with up to 9 bedrooms throughout Canada.
Rental rates are based on 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.