Asking rents for all residential property types in Canada reached $2,193 in September, increasing by 2.1% year over year, according to the latest National Rent Report published by Rentals.ca and Urbanation. This represented the smallest year-over-year increase since October 2021, according to the report. In September, Rentals.ca and Urbanation said the average rent for a one-bedroom residence in Canada was $1,886 per month — a 0.2% monthly increase and a 1.4% yearly increase. They found the city it cost the most to rent a one-bedroom residence was Vancouver at $2,649. Burnaby, BC, came in second place ($2,493). This was followed by Toronto ($2,402); Mississauga, ON ($2,343); and Oakville, ON ($2,329). The city where it was the cheapest to rent a one-bedroom residence was Fort McMurray, AB ($1,240). The city with the largest monthly increase for one bedrooms was Saskatoon (7.8%). However, the city with the largest monthly decrease was Niagara Falls, ON (-3%). Saskatoon had the largest annual increase for them (22.8%). Vancouver had the largest annual decrease for them (-11%). Rentals.ca and Urbanation went on to say the average rent for a two-bedroom residence in Canada was $2,309 — a 0.2% monthly decrease and a 0.2% yearly increase. They added the city it cost the most to rent a two-bedroom residence was Vancouver ($3,488). Toronto came in second place ($3,133). This was followed by Burnaby ($3,052), Oakville ($2,899), and Victoria ($2,854). The city where it was the cheapest to rent a two-bedroom residence was Fort McMurray ($1,412). The city with the largest monthly increase for two bedrooms was Quebec City (5%). Meanwhile, the one with the largest monthly decrease was Vancouver (-4%). Saskatoon had the greatest annual gain for them (22%). Oakville had the steepest yearly drop (-14.3%). British Columbia was the province with the most expensive average rent across apartment and condo unit types ($2,570). Ontario finished in second place ($2,380). Atlantic Canada came third ($2,248), Quebec was fourth ($1,967), and Alberta was fifth ($1,835). Saskatchewan had the cheapest rent among all provinces ($1,378). 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 National Rent Report published by Rentals.ca and Urbanation on September 10. .Report finds average rent in Canada hits $2,178 .Rentals.ca and Urbanation said 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. They said the moderation in rent increases could 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, they 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% yearly increase. They found the city it cost the most to rent a one-bedroom residence was Vancouver at $2,708. 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.
