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 price of a one-bedroom unit in February was $1,920, up 12.9% from the identical month in 2023.
The typical asking worth for a two-bedroom was $2,293, up 11.3% yearly.
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How a lot have hire prices elevated in Canada?
The report says asking rents in Canada have elevated general by a complete of 21%, or a mean of $384 monthly, 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 most costly metropolis in Canada for hire?
On a municipal foundation, the most important cities in these two provinces additionally stay the most costly main cities to dwell in Canada for renters. The typical 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% larger than February 2023.
In Toronto, landlords had been itemizing one-bedroom items for $2,495 on common, down 0.6% on a month-over-month foundation and 0.2% from a 12 months 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% improve, as rents averaged $2,110. Condominium leases, with a mean hire of $2,372, and residences in homes, at $2,347, had slower annual development of 5% and 5.3%, respectively.