Average monthly rents have surpassed $2,000 in Canada with no signs of slowing, according to the Rentals.ca and Urbanation latest National Rent Report. This represents a 12.4 per cent increase since last November, and a 2.5 per cent increase since October 2022.

“Rents in Canada are rising at an exceptionally high speed, which is having a profound effect on housing affordability as interest rates continue to rise,” said Shaun Hildebrand, president of Urbanation. “With the most expensive cities experiencing very low supply and the fastest rates of rent increase, regions with high population growth are seeing demand shift into more affordable areas.”

Among major markets in Canada with populations over 1 million, average monthly rents for purpose-built and condominium apartments increased fastest for the most expensive cities, with Vancouver and Toronto rents up 24.3 and 23.7 per cent respectively. One-bedroom rents averaged $2,661 in Vancouver and $2,551 in Toronto, while two-bedroom rents averaged $3,707 in Vancouver and $3,363 in Toronto.

Calgary represented the third fastest growing rental market among Canada’s largest cities, posting annual growth of 21.9 per cent. Rents in Calgary were substantially less expensive than in Vancouver and Toronto at an average of $1,572 for one-bedrooms and $1,978 for two-bedrooms.

Montreal, which is Canada’s largest rental market, had the slowest annual rent increase among major metros at 7.6 per cent, with rents that have become comparable to Calgary at an average of $1,574 for one-bedrooms and $2,076 for two-bedrooms.

Among medium-sized markets, purpose-built and condominium rents rose the highest over the past year in several GTA cities and areas, including Brampton (up 28 per cent to $2,430), North York (up 25.8 per cent to $2,470), Etobicoke (up 24.5 per cent to $2,568), Scarborough (up 22.9 per cent to $2,301) and Mississauga (up 19.2 per cent to $2,452).

Two markets west of the GTA also recorded strong rent increases in November, with London and Kitchener rents up 27.9 per cent to $2,012 and 24.1 per cent to $2,159, respectively. Outside of Ontario, the fastest growing medium-sized municipalities were Halifax ( up 24.2 per cent to $2,201) and Burnaby (up 23.6 per cent to $2,814).

Rents grew by 17 per cent to 19 per cent in Barrie, Hamilton, Lethbridge, and Surrey.

Atlantic Canada (consisting of the four provinces of Nova Scotia, Newfoundland and Labrador, New Brunswick and Prince Edward Island) continued in November to have the fastest growing rents for purpose-built and condo rentals rising 31.8 per cent.

Average rents for purpose-built and condominium rents rose 16 per cent annually in British Columbia and 15.3 per cent annually in Ontario.

Alberta rents were also up double digits in November by 15 per cent year over year; Saskatchewan rents grew by 12.9 per cent in November; Manitoba average rents for purpose-built and condo rentals increased 9.8 per cent annually and Quebec average rents rose 6.3 per cent.

For more information, visit: Rentals.ca December 2022 Rent Report