The information launched Monday by Leases.ca and Urbanation, which analyzes month-to-month listings from the previous’s community, exhibits the common month-to-month price of a one-bedroom unit in February was $1,920, up 12.9% from the identical month in 2023.
The typical asking worth for a two-bedroom was $2,293, up 11.3% yearly.
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How a lot have hire prices elevated in Canada?
The report says asking rents in Canada have elevated total by a complete of 21%, or a mean of $384 per thirty days, from two years in the past, simply earlier than the beginning of rate of interest hikes by the Financial institution of Canada (BoC).
Alberta maintained its standing because the province with the fastest-growing rents, with whole common asking costs up 20% yearly final month to achieve $1,708.
British Columbia and Ontario posted the slowest progress in February, with annual will increase of 1.3% and 1%, respectively. However the provinces stay Canada’s costliest for renters, with whole common asking rents of $2,481 in B.C. and $2,431 in Ontario.
What’s the costliest metropolis in Canada for hire?
On a municipal foundation, the biggest cities in these two provinces additionally stay the costliest main cities to stay in Canada for renters. The typical asking worth for a one-bedroom unit in Vancouver final month was $2,653, down 1.1% from a month earlier, although nonetheless 0.5% larger than February 2023.
In Toronto, landlords have been itemizing one-bedroom models for $2,495 on common, down 0.6% on a month-over-month foundation and 0.2% from a 12 months in the past.
Condos vs. flats
Conventional purpose-built rental flats posted the quickest year-over-year worth progress in February with a 14.4% enhance, as rents averaged $2,110. Condominium leases, with a mean hire of $2,372, and flats in homes, at $2,347, had slower annual progress of 5% and 5.3%, respectively.