Rents in September 2022 for all rental properties in Canada reached historic highs, with the average monthly asking price exceeding $2,000. This represents a 21.9 per cent increase from April 2021, when rents plummeted to their lowest rates due to the effects of COVID-19.

Fuelled by continued strong demand, and impacted by the higher rents commanded at some newly opened purpose-built rental properties, the pressure is expected to ease somewhat in the winter months from November through February, as per normal seasonal fluctuations.

“The 4.3 per cent increase in average asking rent from August to September is the largest monthly increase since Rentals.ca and Bullpen Consulting began publishing this report in 2018,” noted Ben Myers, president of Bullpen Research & Consulting. “Part of the increase is attributable to larger units on the market, and high-end building completions adding expensive listings, but rental demand has increased significantly with the continued interest rate hikes, falling ownership house prices, and changing post-pandemic preferences.”

Toronto finished second on the list of 35 cities for average monthly rent in September 2022 for both one- and two-bedroom units at $2,474 and $3,361 respectively. Since last September, this represents an increase of more than 27 per cent.

All-tolled, six cities and areas saw average annual rents increase more than 20 per cent including, Vancouver where average rents were up by 29.3 per cent, Brampton (25.4%), Calgary (24.1%); York (23.9%) North York (22.4%) and Kitchener (21.3%).

Nine cities and areas had double-digit increases year-over-year for condo rentals specifically: Etobicoke, 19.7 per cent to $2,445; East York, 16.1 per cent to $2,070; Surrey, 16 per cent to $2,168; Ottawa, 15.4 per cent to $2,108; Hamilton, 14 per cent to $1,951; Mississauga, 14 per cent to $2,314; Halifax, 13.8 per cent to $2,052; Scarborough, 11.9 per cent to $2,081 and Saskatoon, 11 per cent to $1,107.

The four cities with the lowest monthly rent increases in September 2022 for condo rentals and apartments combined were: Gatineau, up 2.3 per cent; Fort McMurray, up 2.4 per cent; Winnipeg, up 3.5 per cent and Montreal, up 3.7 per cent.

For more info, visit: Rentals.ca October 2022 Rent Report