Canada’s average asking rent has risen dramatically since the pandemic low of April 2021, up 20 per cent to $2,002 representing an increase of $340 per month. Year-over-year, the national average asking rent was up 9.6 per cent but remained unchanged from a month ago.

“Rents continued to face upward pressure across Canada during April, with the strongest growth felt in markets that see the highest levels of immigration,” said Shaun Hildebrand, president of Urbanation. “Tenants that signed leases during the pandemic may be facing rent increases of 20 per cent or more if they decide to move, causing reduced turnover that is exacerbating the low supply situation.”

Each of Canada’s six largest rental markets continued to see rents rise by more than 10 per cent over the past year. Compared to the pandemic low in April 2021, rents for condominium and purpose-built apartments have increased the most in Vancouver, up 47 per cent, and in Toronto, up 41 per cent.

Twelve Ontario cities saw significant increases in asking rents with three GTA markets in particular exceeding 30 per cent in one year: Scarborough at 31.9 per cent, Brampton at 31.2 per cent and Markham at 30.3 per cent. All three markets have been affected by high levels of immigration. Oakville was the most expensive medium-sized market in Canada in April for condo rentals and apartments with average monthly rents at $3,413.

“Canadians have become accustomed to increasing rents after the pandemic,” added Matt Danison, CEO of Rentals.ca Network. “Record immigration with most newcomers renting, high interest rates keeping first-time home buyers on the sidelines, and inflation are all drivers of rising rents, increasing demand and low vacancy rates.”

The rankings for annual rent growth for purpose-built and condominium apartments among Canada’s largest markets were unchanged in April from the previous month. For the third consecutive month, asking rents increased fastest in Calgary, up 22.9 per cent annually to $1,924. Toronto maintained its second place standing with annual rent growth of 21.2 per cent, reaching an average of $2,822. Vancouver, the most expensive of Canada’s largest markets, recorded the third fastest annual rent growth of 16.8 per cent in April, pushing average asking rents up to $3,236.

For the complete National Rent Report looking at average asking rents across Canada, visit: Rentals.ca May 2023 Rent Report