The average rent for all property types in Canada reached $1,959 per month in August, representing a monthly increase of 1.3% and an annual rise of 11.1%, according to a report from Rentals.ca. .The report said the average rent for a one-bedroom residence in Canada in August was $1,662, up .9% from July and 9.6% from the same month in 2021. .Vancouver was the city where it cost the most to rent a one-bedroom unit at $2,574. .Toronto ($2,329) came in second place. This was followed by Burnaby, BC ($2,146), Burlington, ON ($2,133), and Victoria ($2,098). .The city with the lowest rent for a one bedroom was Lloydminster, AB ($827). .The city with the largest monthly increase for a one bedroom was Burnaby at 6.8%. When it came to the highest yearly increase, the title went to London, ON, at 36.9%. .Brampton, ON, had the largest monthly drop (-7.3%). Markham, ON had the steepest yearly drop (-10.3%). .The report said average rent for a two-bedroom unit was $2,135, up 1.5% from last month and 13.4% this year. .Vancouver was the city where, at at $3,694, it's the most expensive to rent a two bedroom. .Toronto ($3,266) came in second place. Subsequent to Toronto were Victoria ($2,871), Etobicoke ($2,736), and York ($2,612). .Lloydminster had the lowest rent for a two bedroom at $964. .Hamilton saw the largest monthly increase at 7.1%. London had the largest yearly jump at 30.4%. .The city with the steepest monthly drop was Brampton (-12.3%). Gloucester and Saint-Laurent were the two areas recording to a yearly rent drop (-4.5%). .The province with the most expensive rent was British Columbia at $2,578, up 4.2% from last month and 23.7% since 2021. .Nova Scotia had the second highest rent ($2,380). This was followed by Ontario ($2,367), the Northwest Territories ($1,769), and Quebec ($1,723). .The province with the cheapest rent was Saskatchewan at $1,101. .The Canadian Real Estate Association (CREA) reported in February the MLS Home Price Index saw a 2.9% monthly increase in January. .READ MORE: THOMAS: Average house price in Canada hits $748,450.CREA said the number of newly-listed properties dropped 11% in January from the previous month, with a pullback in the Greater Toronto Area accounting for more than half of the national decline..The national average sale price posted a 21% year-over-year gain in January, costing $748,450.
