The average rent in April 2022 for all Canadian properties listed on Rentals.ca was $1,821 per month, representing an annual increase of 9 per cent from a year ago and down just 1.5 per cent from pre-pandemic highs in 2019 and 2020.

The most expensive units are single-family homes, with landlords asking $2,776 per month on average compared to $2,265 for townhouses, $2,235 for condo apartments, $1,651 for rental apartments, and $1,590 for basement units.

At the national level, rental apartments, which make up the majority of the listings on Rentals.ca, experienced a month-over-month increase of 0.3 per cent from $1,646 in March to $1,651 in April.

At the provincial level, British Columbia had the highest rental rates for April, with landlords seeking $2,347 per month on average for all property types (median: $2,200), representing a monthly increase of 2.7 per cent.

Ontario had the second highest rental rate at $2,093 per month (median: $2,000), while Newfoundland had the lowest at $950 per month (median: $875).

Saskatchewan had one of the highest monthly changes in average rental rates, increasing by 2.3 per cent to $1,051 per month. Alberta also had a relatively high month-over-month increase in average rent, increasing by 2.1% to $1,289 per month.

Rent per square foot

Condo apartments have more or less stayed the same month over month from February to April, remaining between $3.11 psf and $3.13 psf. However, the April 2022 rent level has increased by 8.7 per cent from the April 2021 average of $2.88 psf. The market had bottomed out in February of 2021 at $2.82 psf.

Rental apartments have also stayed relatively steady, declining slightly from $2.24 psf in March 2022 down to $2.22 psf in April 2022. This also represents an annual increase of 3 per cent from the April 2021 average of $2.15 psf.

For the complete report, click here: Rentals.ca May 2022 Rent Report