Average rent in Canada up nearly 12% year over year: report

The average rent in Canada rose nearly 12% year-over-year last month to nearly $2,000, according to a new national report.

The last National Rent Report from Rentals.ca and Toronto real estate research firm Urbanation shows average rental prices rose 11.8% in October, or $209, from the same month last year to an average of 1 $976 in all property types.

The data includes vacant single and semi-detached houses, townhouses, condominium apartments, rental apartments and basement apartments.

This is more than double the annual increase of 5.6% average hourly wage in Canadasay the authors of the report.

The average rent in October increased by 2.2% compared to September. It was also 7% or $130 higher than the pre-pandemic high of $1,845 in October 2019, according to the report.

“Unprecedented ongoing rent growth is widespread across Canada, with most markets reporting double-digit annual rent inflation,” Shaun Hildebrand, President of Urbanation, said in a press release.

“The rental market continues to heat up with every increase in interest rates, coupled with a record increase in population. The need to increase rental supply has never been greater.”

Vancouver tops a list of 35 cities with an average monthly rent in October of $2,576 for a one-bedroom home and $3,521 for a two-bedroom home, up 17.2 and 16, 1%, respectively, year over year.

Toronto was the second most expensive city to rent at $2,478 for a one-bedroom apartment and $3,319 for a two-bedroom apartment. Both were up 23.7 and 23.8 percent, respectively, from the same month in 2021.

Other top cities on the list included Burnaby, British Columbia; Etobicoke, Ont.; Burlington, Ont.; Victoria, BC; and Oakville, Ont.

Grande Prairie, Alta., had the lowest rent among the 35 cities analyzed for the report, at $968 for a one-bedroom apartment and $1,173 for a two-bedroom apartment, both up 8 and 9 .7%, respectively, year over year. -year.

The ranking is based on the average cost of a one-bedroom unit.

The news comes as the Bank of Canada has tried to control rising inflation this year by interest rate increases — raise its overnight rate target six times in a row since march.

After falling steadily throughout 2020, the report shows that average rental prices began to rise in the spring of 2021 and began to see year-over-year increases in the fall of 2021.

With files from The Canadian Press

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