Average asking rent price reaches record high of $2,202 in Canada, according to report!
According to a recent report, released on Thursday by Toronto-based real estate research firm Urbanation using data from Rentals.ca, the average asking rent price in Canada hit a new peak in May, reaching $2,202, surpassing $2,200, an increase of 9.3% compared to the previous year.
In Vancouver, the asking price for a one-bedroom rental was the highest in the country at $2,671, followed by Burnaby – B.C. at $2,545, Toronto at $2,479, and Mississauga – Ontario at $2,339. However, more affordable prices were seen in other regions, such as St. John’s – N.L. at $955, Fort McMurray – Alta. at $1,242, and Saskatoon, Sask. at $1,258.
While rental prices in Vancouver and Toronto have decreased slightly since May 2023, smaller cities like Regina, Quebec City, and Halifax experienced annual increases of 10% or more. And British Columbia had the highest average rental asking price for apartments or condos at $2,526, reflecting a 2.3% increase. Ontario followed at $2,423, with a 0.7% increase.
“Canada’s rental market is entering the peak summer season with continued strength. Markets such as Vancouver and Toronto that had experienced some softening in rents in previous months are stabilizing near record highs, while many of the country’s mid- and small-sized cities are still posting double-digit rent increases”, Urbanation president Shaun Hildebrand stated in a news release.
All provinces saw an uptick in asking prices. The nationwide increase in rental prices was partly driven by significant annual hikes in Saskatchewan (21.4% to $1,334), Alberta (17.5% to $1,787), and Nova Scotia (17.1% to $2,238).
Among larger cities, Edmonton experienced the highest increase in asking prices at 14.6%, though it remained more affordable than Calgary, with average rents of $1,507 compared to $2,089. Across all apartment and condo sizes, the highest prices were found in Vancouver ($3,008) and Toronto ($2,784).