The average rent for all property types in Canada was $2,117 per month in August, reaching a record high, according to a report conducted by Rentals.ca. .Average asking rents in Canada increased 1.8% monthly and 9.6% annually, according to the report. While the annual rate of inflation for asking rents was lower than the 12% increase from one year ago, Rentals.ca said it represented a four-month high. .It said the average monthly rent for a one-bedroom residence in Canada was $1,879 — an increase of 1.3% from July and 8.9% from the same month in 2022. .Vancouver was the city where it cost the most to rent a one-bedroom residence at $2,988 per month. .Toronto came in second place ($2,620). This was followed by Burnaby, BC ($2,555); Mississauga, ON ($2,379) and Brampton, ON ($2,274). .The city with the lowest rent for a one bedroom was Saskatoon ($1,055). .While most cities saw rent increases for one bedrooms in one month, the largest was in Kelowna, BC (9.5%). When it came to the highest yearly increase, this title went to Brampton (29%). .St. Catharines, ON, had the steepest monthly drop (-6.3%). Waterloo, ON, reported the largest yearly drop (-11.1%). .Rentals.ca went on to say average rent for a two-bedroom residence was $2,339 per month — up 1.3% from last month and 8.7% this year. .Vancouver was the city where it cost the most to rent a two bedroom at $3,879. .Subsequent to Vancouver was Burnaby ($3,433). This was followed by Toronto ($3,413), Etobicoke ($2,939), and Victoria ($2,883). .The city with the lowest rent for a two bedroom was Saskatoon ($1,241). .Ottawa had the largest monthly increase for a two bedroom (6.9%). Brampton had the largest yearly jump (25.7%). .St. Catharines recorded the most significant monthly drop (-1.8%). Kingston, ON, had the largest yearly decline (-11.9%). .The province with the most expensive rent was BC at $2,675. .Subsequent to BC was Ontario ($2,496). This was followed by Nova Scotia ($2,119), Quebec ($1,932), and Alberta ($1,634). .The province with the lowest rent was Saskatchewan ($1,102). .The growth rate of Canadians who rented or leased a home outpaced those choosing to buy in 2022. .READ MORE: Number of homeowners dropping in Canada, renters increasing.Statistics Canada said the renter population is growing by 21.5% versus the homeownership growth rate of 8.4%. It found one-third of Canadians were renters and two-thirds were owners — down from the peak of 69% in 2011..“The growth in renter households outpaced the growth in homeowner households from 2011 to 2021 in each of Canada’s 41 large urban centres,” said Statistics Canada. .The data used in this report is based on monthly listings from Rentals.ca. It differentiates from the numbers collected and published by the Canada Mortgage and Housing Corporation.
