The average rent for all property types in Canada was $2,005 per month in December, representing a monthly decrease of 1% and an annual rise of 12.2%, according to a report from Rentals.ca. .Rent inflation in Canada remained in the double digits for the eighth consecutive month in December, according to the Tuesday report. The report said average monthly rent for a one-bedroom residence in Canada in December was $1,706, a decrease of .4% from November and an increase of 14.9% from the same month in 2021. .Vancouver was the city where it cost the most to rent a one-bedroom residence at $2,596. .Toronto came in second place at $2,457. This was followed by Burnaby, BC ($2,450), Etobicoke ($2,172), and Mississauga, ON ($2,145). .The city with the lowest rent for a one bedroom was Lloydminster, AB ($840). .The city with the largest monthly increase for a one bedroom was Burnaby at 6.3%. When it came to the highest yearly increase, this title went to Kitchener, ON, at 32%. .Gatineau, QC, had the steepest monthly drop (-3.6%). No cities reported a yearly drop in rent prices. .The report said average rent for a two-bedroom residence was $2,120 per month, down .8% from last month and up 15.1% this year. .Vancouver was the city where it cost the most to rent a two bedroom at $3,562. .Toronto ranked in second place ($3,215). Subsequent to Toronto were Burnaby ($3,077), Etobicoke ($2,822), and Victoria ($2,799). .Lloydminster had the cheapest rent for a two bedroom ($980). .Kitchener had the largest monthly increase for a two bedroom at 4.9%. London had the highest yearly jump at 29.7%. .Quebec City reported the most significant monthly drop (-6.9%). No cities recorded a yearly drop in rent prices for two bedrooms. .The province with the most expensive rent was British Columbia at $2,535, up 18.5% from 2021. .Ontario had the second highest rent ($2,358). This was followed by Ontario ($2,182), Quebec ($1,776), and Manitoba ($1,469). .The province with the cheapest rent was Saskatchewan ($1,135). .About 45% of Canadians said they believe they will be renting forever or are unsure when they will be able to buy a home, according to a June survey conducted by Canada Life. .READ MORE: Almost half of Canadians in the rental market feel they are stuck renting.“Canadians are at an investments crossroads,” said Canada Life Executive Vice-President Paul Orlander. .There were 73% of Canadians who said they think it is a terrible time to buy a house. The top three cited reasons renters gave for not buying were high real estate prices, unable to afford a down payment, and too little income to qualify for a mortgage.
