Asking rents for all residential property types in Canada averaged $2,178 in August, increasing by 3.3% over the past year, according to the latest National Rent Report conducted by Rentals.ca and Urbanation. Rents grew at their slowest annual rate in 34 months, decelerating from annual growth rates of 5.9% in July, 7% in June, and 9.3% in May, according to the report. Rentals.ca and Urbanation said the moderation in rent increases can be attributed to apartment completions this year reaching their highest total in decades, a recent slowdown in population growth, and a softening labour market.In August, Rentals.ca and Urbanation said the average rent for a one-bedroom residence in Canada was $1,878 per month — a 0.2% monthly decrease and a 1.9% annual increase. They found the city it cost the most to rent a one-bedroom residence was Vancouver at $2,708. Burnaby, BC, came in second place ($2,500). This was followed by Toronto ($2,428); Mississauga, ON ($2,348); and Surrey, BC ($2,120). The city where it was the cheapest to rent a one-bedroom residence was Saskatoon ($1,218). The city with the largest monthly increase for one bedrooms was Nanaimo, BC (4.8%). However, the cities with the largest monthly decrease were Burlington, ON, and Winnipeg (-3%). Quebec City had the largest annual increase for them (19.9%). Vancouver had the largest annual decrease for them (-9.4%). Rentals.ca and Urbanation went on to say the average rent for a two-bedroom residence in Canada was $2,310 — a 0.7% monthly increase and a 1.5% annual increase. They added the city it cost the most to rent a two bedroom was Vancouver ($3,632). Toronto came in second place ($3,158). This was followed by Burnaby ($3,109), Victoria ($2,838), and Etobicoke ($2,827). The city where it was the cheapest to rent a two bedroom was Fort McMurray, AB ($1,449). The city with the largest monthly increase for two bedrooms was Gatineau, QC (17.1%). Meanwhile, the one with the largest monthly decrease was Halifax (-5%). Gatineau had the greatest annual gain for them (21.6%). Kelowna, BC, had the steepest yearly drop (-11.3%). British Columbia was the province with the most expensive average rent across apartment and condo unit types ($2,536). Ontario finished in second place ($2,390). Atlantic Canada came in third ($2,226), Quebec was fourth ($1,962), and Alberta was fifth ($1,808). Saskatchewan had the cheapest rent among all provinces ($1,338). Asking rents for all residential property types in Canada hit an average price of $2,201 in July, increasing 5.9% from one year ago, according to the National Rent Report published by Rentals.ca and Urbanation on August 7. READ MORE: Report finds average rent in Canada reaches $2,201Rentals.ca and Urbanation said this represents the slowest annual rate of growth over the previous 31 months. They said the average rent for a one-bedroom residence in Canada was $1,884 — a 0.2% monthly increase and a 3.5% annual increase. Additionally, they found the city it cost the most to rent a one-bedroom residence was Vancouver at $2,761. The data used in this analysis was based on monthly listings from Rentals.ca’s Internet Listings Services. This data differs from the numbers collected and published by the Canada Mortgage and Housing Corporation.
