The average rent for all property types in Canada reached $2,043 per month in September, representing a monthly increase of 4.3% and an annual rise of 15.4%, according to a report from Rentals.ca. .The report said average rent is $100 more than the pre-pandemic peak from 2019. Average rent for a one-bedroom unit in Canada in September was $1,743, an increase of 3.5% from August and 2.7% from the same month in 2021. .Vancouver was the city where it cost the most to rent a one-bedroom residence at $2,590. .Toronto came in second place at $2,474. This was followed by Burnaby, BC ($2,292), Oakville, ON ($2,178), and Burlington, ON ($2,165). .The city with the lowest rent for a one bedroom was Saskatoon ($980). .The city with the largest monthly increase for a one bedroom was Brampton, ON, at 22.9%. When it came to the highest yearly increase, this title went to London, ON, at 38.8%. .Regina had the steepest monthly drop (-2.5%). Fort McMurray, AB, was the one city recording a yearly drop (-.3%). .The report said average rent for a two-bedroom residence was $2,217 per month, up 12.2% from last month and 15.4% this year. .Vancouver was the city where it cost the most to rent a two bedroom at $3,707. .Toronto ranked in second place ($3,361). This was followed by Etobicoke ($2,818), Burnaby ($2,791), and Victoria ($2,770). .Saskatoon had the cheapest rent for a two bedroom ($1,215). .Brampton had the largest monthly increase for a two bedroom at 17.1%. London saw the highest yearly jump at 38%. .Victoria reported the most significant drop (-3.5%). No cities saw a yearly drop in rent prices for two bedrooms. .The province with the most expensive rent was British Columbia at $2,682, up 31.2% from 2021. .Nova Scotia had the second highest rent ($2,453). Subsequent to Nova Scotia were Ontario ($2,451), the Northwest Territories ($1,786), and Quebec ($1,735). .The province with the cheapest rent was Saskatchewan ($1,096). .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.
