As reported by Rentals.ca and Urbanation, Ontario placed third among provinces in January for average rent increases, up 13.5 per cent for both condo rentals and apartments. Alberta had the highest annual rent increase in January with 14.6 per cent growth, closely followed by British Columbia at 14.4 per cent.
The average listed rent for all property types in Canada rose 10.7 per cent year over year, making January the ninth straight month for double-digit increases. The average listed rent for all property types was $1,996, decreasing 0.5 per cent from December after averaging above $2,000 during the previous two months.
“The Canadian rental market started 2023 where it ended in 2022, posting sharp annual rent growth amid low supply and quickly rising demand,” said Shaun Hildebrand, president of Urbanation. “Outside of Toronto, rent increases are becoming more acute in markets in BC and Alberta, which are experiencing relatively strong rates of population growth.”
Average rent by city
Toronto finished second in terms of Canadian cities with the highest average rent in January. For a one-bedroom, tenants were paying $2,458 per month on average and $3,227 for a two-bedroom. Oakville, Ontario, finished fourth on the list and Mississauga finished sixth.
Vancouver and Calgary had the highest increases in average rent for condominium rentals and apartments in January, with annual growth of 22.9 per cent and 22.7 per cent respectively.
Average annual rents for condo rentals and apartments in Ottawa rose 11.5 per cent in January; average rents increased 9.3 per cent in Edmonton and average rents for condo rentals and apartments were up 7.9 per cent in Montreal.
Find out more at www.rentals.ca
