The information launched Monday by Leases.ca and Urbanation, which analyzes month-to-month listings from the previous’s community, reveals the common month-to-month value 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.
Examine tenant insurance coverage quotes from prime suppliers in Canada
In beneath 5 minutes, get a customized tenant insurance coverage quote from considered one of Canada’s prime suppliers—freed from cost. Simply faucet the button to get began.
You may be leaving MoneySense. Simply shut the tab to return.
How a lot have hire prices elevated in Canada?
The report says asking rents in Canada have elevated total by a complete of 21%, or a median of $384 per 30 days, from two years in the past, simply earlier than the beginning of rate of interest hikes by the Financial institution of Canada (BoC).
Alberta maintained its standing because the province with the fastest-growing rents, with complete common asking costs up 20% yearly final month to succeed in $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.
What’s the costliest metropolis in Canada for hire?
On a municipal foundation, the most important cities in these two provinces additionally stay the costliest main cities to dwell in Canada for renters. The common asking worth for a one-bedroom unit in Vancouver final month was $2,653, down 1.1% from a month earlier, although nonetheless 0.5% increased than February 2023.
In Toronto, landlords have been itemizing one-bedroom items for $2,495 on common, down 0.6% on a month-over-month foundation and 0.2% from a yr in the past.
Condos vs. residences
Conventional purpose-built rental residences posted the quickest year-over-year worth development in February with a 14.4% enhance, as rents averaged $2,110. Condominium leases, with a median hire of $2,372, and residences in homes, at $2,347, had slower annual development of 5% and 5.3%, respectively.
