For the month of September, 2021, the average cost to rent Canadian properties was $1,728 per month and a monthly increase of 2.00%. Median rents were $ 1,600 per month in September, a 3.22% increase.
Although average rental rates decreased across Canada from August to September, regional markets have experienced their own unique trends over the past year. Of note, 1-bed rentals in Quebec, QC were listed at 13.97% higher on average in September versus August.
Rental rates mostly increased across most property types except for townhouses, where 1 bedroom townhouse rental rates decreased by over 6.54% month over month.
The highest per square foot rental rates are found in Ontario and British Columbia, with large urban centers like Toronto and Vancouver 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 and Labrador claiming the lowest average rental rates in Canada for most property types.
At the provincial level, British Columbia boasted rental rates of $2,026 per month in September. The lowest rates in Canada were found in Newfoundland and Labrador even though rental prices increased by 1.34% in September.
Of note, Manitoba saw rates increase by 7.88% and Nova Scotia saw rates decrease by 6.95%.
The leader in overall listings was Ontario with 9,158.
At the municipal level, Vancouver maintained its spot as the most expensive city in Canada, with average rental rates of $2,516 per month in September. The lowest rates in Canada were found in Quebec even though it increased by 4.33% this month.
Kingston, Ontario rental rates increased by 8.43% and Halifax saw the largest municipal decline of 6.95%.
The leader in overall listings was Lethbridge, BC with 887.
The average rent in Canada is up 2.00% this month, driven by a higher rental rate of around 2% in most provinces. This shows that the rental market is bouncing back this month, as August’s average rent had a significant decrease. 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 and young city-dwellers are look for their first home. 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 increase may not last for too long though, as the U.S. has begun lifting travel restrictions this month.
With Justin Trudeau now re-elected as Prime Minister of Canada, we expect to see a strengthening of federal oversight of the real estate market. The Liberal platform spoke to building and repairing more affordable housing and to put a stop to excessive profits in the financialization of housing – meaning that policies may be implemented to curb ownership of residential properties by large corporate interests, while protecting small independent landlords.
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 17,911 listings that were scraped during the month of September and 21,148 listings scraped in the month of August. 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.