Average rents across Canada are now up over 20% since rebounding from their pandemic lows.
The average asking rent in April was $2,002, unchanged from March but up 9.6% from a year ago, according to the latest monthly report from Rentals.ca.
Compared to the low of $1,662 reached in April 2021, in the midst of the pandemic, rents are now up by 20%, or $340 per month, the report added.
For the major metro areas like Toronto and Vancouver, the increase is even more striking, with average rents up in those cities by 41% and 47%, respectively, since 2012.
“Rents continued to face upward pressure across Canada during April, with the strongest growth felt in markets that see the highest levels of immigration,” said Shaun Hildebrand, president of Toronto real estate research firm Urbanation.
“Tenants that signed leases during the pandemic may be facing rent increases of 20% or more if they decide to move, causing reduced turnover that is exacerbating the low supply situation.”
The Rentals.ca report said rents are likely to remain at elevated levels due to record-high population growth, but that year-over-year comparables should also moderate “as rents are compared to fully recovered levels a year ago.”
Ontario saw the fastest rent growth of all provinces
Rents increased the most in Ontario, where they were up 16.7% to $2,241. Alberta was close behind with average year-over-year rent growth of 14.8% to $1,500.
The slowest annual rent increases were seen in British Columbia at 5.6%.
At the municipal level, Calgary once again led rent price growth, with an annual rise of 22.9% to $1,924.
Among mid-sized markets, Scarborough and Brampton topped the list, with average annual rent increases of 31.9% and 31.2%, respectively.
Here’s a look at the year-over-year rent increases in some of the country’s key markets:
- Calgary, AB: +22.9% ($1,924)
- Toronto, ON: +21.2% ($2,822)
- Vancouver, B.C.: +16.8% ($3,236)
- Ottawa, ON: +15% ($2,106)
- Halifax, NS: +11.4% ($1,999)
- Montreal, QC: +10.7% ($1,898)
- Winnipeg, MB: +9.6% ($1,478)