Residential rents for all Canadian properties listed on Rentals.ca in February averaged  $1,820 per month, an increase of 6.2 per cent since this time last year according to the latest National Rent Report from Rentals.ca and Bullpen Research & Consulting.

Nationallly, average monthly rents hit a high of $1,954 in August 2019, then during the worst of the COVID-19 pandemic declined to a low of $1,676 in April 2021 before coming back to the low $1,800s at the beginning of this year.

“The rental market overall in Canada continues to trend upward in the post-vaccine pandemic period, with continued strength in the market for larger suites,” Ben Myers, president of Bullpen Research & Consulting. “Growth in average rents for one-bedroom units lags other bedroom types, with two-, three- and four-bedroom units exceeding February 2020 pre-COVID-19 rent levels last month. British Columbia, specifically Vancouver, and downtown Toronto are leading the market recovery, pushing rents up nationally.”

Residential rents could continue to push higher in the near future because of increasing demand reinforced by supply chain disruptions, record inflation, increasing interest rates and much higher gas prices.

In terms of priciest cities, Toronto finished second behind Vancouver for average monthly rents in February for both one- and two-bedroom apartments. Year over year, rent was up 12. 7 per cent for a one-bedroom and 15.1 per cent for a two-bedroom.

Toronto had the second highest annual change in average monthly rents for condo rentals and apartments, rising year over year by 16 per cent to $2,312. This was a big turnaround through the pandemic, as the city’s annual average rent had declined 20 per cent in February 2021 to $1,994.

Etobicoke was fourth for average monthly rents for condo rentals and apartments in February with an annual increase of 12 per cent to $2,155, after being down 15 per cent in February 2021. Other GTA cities and areas on the list include Mississauga, up 6 per cent; Scarborough, up 2 per cent, and North York, down 1 per cent after being down 12 per cent in February 2021.

Other takeaways from the March National Rent Report:

• Average monthly rent for condo rentals in Canada increased 16.1 per cent year over year in February to $2,269. Townhouse average monthly rents rose 13.8 per cent to $2,216 while average monthly rents for single-family homes increased 11.7 per cent to $2,658.
•  Year-over-year, average monthly rents in Canada for studios, one-bedroom homes, two-bedroom homes, three-bedroom homes and four-bedroom homes all increased in February. Three-bedroom units had the largest annual increase in February of 9.8 per cent from $2,129 to $2,337.
• Annual average rents for condo rentals and apartments for studios, one-, two- and three-bedroom homes rose in Ontario, British Columbia and Quebec, while average rents for these bedroom types lagged in Alberta. A
• Average rent for a one-bedroom condo rental in British Columbia rose 19 per cent year over year in February, while in Ontario, annual average rents for one- and two-bedroom condos increased 18 per cent.
• Average monthly rent for a studio apartment in Quebec in February was up 19 per cent year over year.