Despite a brief reprieve, Canadian rents are trending upwards once more, with some markets seeing notable spikes. Rentalsdotca | Urbanation | realestate realestatenews Canada rent
shows that the national average asking rent has, once again, surpassed the $2,000 mark, edging up 1% monthly and 10.8% annually to $2,004 in March. This is the first time since November that the rate has seen a monthly increase.
“Spring arrived with a highly competitive rental market in Canada, driven by a record population increase of over 1M people in the past year and low homeownership affordability after last year’s spike in interest rates,” said Urbanation President Shaun Hildebrand. “With supply unable to keep up with current levels of demand, expect further upward pressure on rents in the coming months.”
The data also reveals that asking rents for purpose-built and condominium apartments ticked up 1.5% month over month and 10.9% year over year to $1,937 in March. Meanwhile, of all unit types, two-bedroom rents saw the steepest year-over-year growth, up 10.7%, followed by one-bedrooms, up 10.1%, three-bedrooms, up 6.8%, and studios, up 4.9%.Provincially, rent inflation hit double digits in almost every province. Nova Scotia led the pack, seeing a 20.8% year-over-year increase.
More granularly, single-room rents averaged $1,410 in Vancouver and $1,309 in Toronto. In both cases, single-room rates are less than half of the average market rate.Zakiya is a staff writer with STOREYS. She has reported on real estate for Apartment Therapy, Curbed, and Post City Magazines. She also writes a quarterly series for a Canadian design publication.
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