The latest National Rent Report, released by Rentals.ca and Urbanation, shows that the average asking rent for all property types in Canada increased by 10.8 percent year-over-year in March to $2,004.
The average monthly rent rose by 1.0 per cent from February, the first monthly increase since November 2021, indicating that rental housing demand in Canada continues to outstrip supply.
Average asking rents have increased by $196 in the past year, further emphasizing the demand and supply gap. Vancouver topped the list of 35 cities with the highest average monthly rent in March for both one-bedroom and two-bedroom homes.
Toronto, Calgary, and Ottawa followed Vancouver with their average rents going up by 22.2 per cent, 24.9 per cent, and 15.4 per cent annually for condo rentals and apartments, respectively.
Nova Scotia average rents rose 20.8 per cent annually to $2,167 for condo rentals and apartments, the fastest growth of any of the provinces in March.
Vancouver’s average monthly rent for one and two-bedroom homes remains highest
The average monthly rent for a one-bedroom home in Vancouver was $2,743, and the average monthly rent for a two-bedroom home was $3,653 in March.
The average monthly rent for a one-bedroom home increased by 17.3 per cent year-over-year, and for a two-bedroom home, it rose by 21.5 per cent. The month-over-month average rent was up in Vancouver for a one-bedroom home by 3.9 per cent and up for a two-bedroom home by 0.6 per cent.
Vancouver continues to have the most expensive rental market in Canada.
Toronto’s average monthly rent also increases
Toronto finished second on the list of 35 cities for average monthly rent in March, with an average monthly rent of $2,506 for a one-bedroom home and $3,286 for a two-bedroom home.
The average monthly rent for a one-bedroom increased by 22.2 per cent year-over-year; for a two-bedroom home, it went up by 19.7 per cent.
Calgary and Ottawa’s average rents continue to rise
For the second straight month, Calgary had the fastest-increasing rents among Canada’s largest cities in March for condominium rentals and apartments. Rents rose 24.9 per cent year-over-year to $1,890 in Calgary.
Ottawa’s average rent increased 15.4 per cent annually in March for condo rentals and apartments.
12 Ontario medium-sized cities experience fastest year-over-year rent increase
Medium-sized cities in Ontario continue to experience the fastest year-over-year rent increases for condo rentals and apartments. Scarborough and Brampton topped the list in March, with both cities affected by high levels of immigration.
Average rents in Scarborough and Brampton rose by 34.9 per cent and 29.1 per cent, respectively. London. finished third, with rents up 24.6 per cent, followed by North York at 24.1 per cent.
The rest of the cities and areas with the fastest-growing annual rent increases in March for condo rentals and apartments are: Mississauga, Hamilton, Etobicoke, Kitchener, Gloucester, Oakville, St. Catharines, and Burlington.
Ontario medium-sized markets and B.C.’s Burnaby and Coquitlam with highest average rents
Oakville has the highest average rents for medium-sized markets in the Greater Toronto Area, followed by Etobicoke, Mississauga, Scarborough, Brampton, Burlington, Markham, Richmond Hill, North York, Vaughan, and Pickering.
Outside the GTA but in Ontario, average rents were highest in Kanata, Barrie, Cambridge, Guelph, and Kitchener.
British Columbia’s medium-sized rental markets see the highest average rents in Burnaby, Coquitlam, Richmond, New Westminster, Kelowna, Surrey, Langley, and Victoria.
Expect further upward pressure on rents in coming months
Shaun Hildebrand, president of Urbanation, notes that “Spring arrived with a highly competitive rental market in Canada, driven by a record population increase of over one million people in the past year and low homeownership affordability after last year’s spike in interest rates.”
He also added that “with supply unable to keep up with current levels of demand, expect further upward pressure on rents in the coming months.”
Find the latest Rent Report, including provincial overviews and municipal rental rates, here.
