Even provinces known for being affordable are experiencing steady rent inflation. Rentalsdotca BullpenConsult inflation cdnpoli
, the average rent for all Canadian property types was up 9.5% to $1,885 in June compared to the same time last year. Although that average is up year over year, it’s down month over month, but only by a minuscule 0.2% . Additionally, June’s average rent is still 3.5% lower than it was pre-pandemic.
Vancouver had the highest average monthly rental rate in Canada — $2,936 — in June. According to the National Rent Rankings, a one-bedroom rental in Vancouver is $2,412, up 1.47% MoM and 19.17% YoY. A two-bedroom is $3,597, up 2.92% MoM and 26.48% YoY. And if you’re assuming that spending the bulk of a paycheque on rent might equate to square footage, think again. The report also notes that both Vancouver and Toronto have some of the smallest average unit sizes in the country, at 743 and 706 sq. ft respectively.
From a provincial standpoint, British Columbia, Ontario, and Nova Scotia had the highest monthly rents in June — $2,456, $2,232, and $2,177 respectively. Nova Scotia’s rent spike can likely be attributed to interprovincial migration. To top it all off, even provinces that are known for being affordable, such as Saskatchewan and Alberta, are experiencing monthly and annual rent inflation. In other words, you can’t run — or even fly — away from the rising rental rates.
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