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Average asking rent prices reach $2,193 in February, up 10.5% from 2023



The Canadian rental market continues to witness a surge in average asking rent prices, reaching $2,193 in February. This marks a significant 10.5% increase compared to the same period last year, representing the fastest annual growth since September 2023.


Data unveiled on Monday by Rentals.ca and Urbanation, analyzing monthly listings from Rentals.ca's network, unveils a dynamic landscape in the rental sector. In February, the average monthly cost for a one-bedroom unit soared to $1,920, marking a notable 12.9% surge from the corresponding month in 2023. Meanwhile, the average asking price for a two-bedroom unit reached $2,293, reflecting an 11.3% annual increase.


The report delves into the broader trends, indicating that asking rents across Canada have witnessed an overall growth of 21% over the past two years. This amounts to an average increase of $384 per month, tracing back to the period just before the Bank of Canada initiated interest rate hikes.


Within the provinces, Alberta maintains its status as the region with the fastest-growing rents. Last month, the total average asking prices rose by an impressive 20% annually, reaching $1,708.


In contrast, British Columbia and Ontario experienced the slowest growth in February, with annual increases of 1.3% and 1%, respectively. Despite this, they remain the most expensive provinces for renters, with total average asking rents of $2,481 in B.C. and $2,431 in Ontario.


Zooming in on major cities, Vancouver and Toronto retain their positions as the most expensive cities for renters in Canada. In Vancouver, the average asking price for a one-bedroom unit was $2,653, reflecting a marginal 1.1% decrease from the previous month but still 0.5% higher than February 2023. Meanwhile, in Toronto, landlords listed one-bedroom units for an average of $2,495, down 0.6% on a month-over-month basis and 0.2% from a year ago.


The report also sheds light on the varying growth rates among different rental property types. Traditional purpose-built rental apartments experienced the fastest year-over-year price growth in February, with a substantial 14.4% increase, reaching an average rent of $2,110. In contrast, condominium rentals and apartments in houses displayed slower annual growth rates of 5% and 5.3%, with average rents of $2,372 and $2,347, respectively.


Notably, the report highlighted a surge in roommate listings last month, indicating a 72% increase in shared accommodation listings across Canada's four largest provinces compared to a year ago. The average asking rents for shared accommodations also witnessed a double-digit increase of 12% to reach $1,010. This surge was led by a 13% annual growth in B.C. to $1,186 and a 12% increase in Alberta to $873. In Ontario, average roommate rents increased by 9% to $1,099, while in Quebec, there was a 5% increase to $920.


As the Canadian rental landscape continues to evolve, these figures provide crucial insights into the shifting dynamics and challenges faced by both tenants and landlords across the country.


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