A brand new report says the common asking worth for a rental unit in Canada was $2,193 per thirty days in February, marking a ten.5% leap year-over-year and the quickest annual development since September 2023.
The information launched Monday by Leases.ca and Urbanation, which analyzes month-to-month listings from the previous’s community, exhibits the common month-to-month price of a one-bedroom unit in February was $1,920, up 12.9% from the identical month in 2023. The common asking worth for a two-bedroom was $2,293, up 11.3% yearly.
The report says asking rents in Canada have elevated total by a complete of 21%, or a mean of $384 per thirty days, from two years in the past, simply earlier than the beginning of rate of interest hikes by the Financial institution of Canada.
Alberta maintained its standing because the province with the fastest-growing rents, with complete common asking costs up 20% yearly final month to achieve $1,708.
British Columbia and Ontario posted the slowest development in February, with annual will increase of 1.3% and 1%, respectively. However the provinces stay Canada’s most costly for renters, with complete common asking rents of $2,481 in B.C. and $2,431 in Ontario.
Conventional purpose-built rental flats posted the quickest year-over-year worth development in February with a 14.4% enhance, as rents averaged $2,110. Condominium leases, with a mean hire of $2,372, and flats in homes, at $2,347, had slower annual development of 5 per cent and 5.3%, respectively.
This report by The Canadian Press was first printed March 11, 2024.
