Average rents across Canada are now up 32% from their pandemic lows.
The average asking rent in May was $2,202, up $200 from the previous month and 9.3% from a year ago, according to the latest monthly report from Rentals.ca.
Rent prices have been climbing steadily in recent years, rising $540 or 32% since hitting their low of $1,662 in April 2021.
“Canada’s rental market is entering the peak summer season with continued strength,” said Shaun Hildebrand, President of Urbanation, which co-released the report.
“Markets such as Vancouver and Toronto that had experienced some softening in rents in previous months are stabilizing near record highs, while many of the country’s mid- and small-sized cities are still posting double-digit rent increases,” he added.
The Rentals.ca report noted that rents have averaged an annual growth rate of 9.1% over the past three years. However, when incorporating the declines experienced in 2020 and 2021, the five-year average growth rate is more moderate at 4.7%.
Saskatchewan led the provinces in rent price growth
Provincially, rents increased the most in Saskatchewan, up 21.4% to $1,334. Alberta and Nova Scotia weren’t far behind with average year-over-year increases of 17.5% and 17.1%, respectively.
Quebec was the only province to record a month-over-month decline in apartment rents during May, dipping 0.6% from April to an average of $1,999.
At the municipal level, Regina led rent price growth, with an annual rise of 22% to $1,381.
Among mid-sized markets, Quebec City and Waterloo topped the list, with average annual rent increases of 20% and 19%, respectively.
| Average asking rent in May | Year-over-year increase | |
| Toronto, ON | $2,784 | -1% |
| Vancouver, BC | $3,008 | -4% |
| Montreal, QC | $2,037 | +6% |
| Calgary, AB | $2,093 | +8% |
| Ottawa, ON | $2,190 | +3% |
| Regina, SK | $1,381 | +22 |
| Winnipeg, MB | $1,636 | +10% |
| Halifax, NS | $2,209 | +17% |
This article was written for Canadian Mortgage Trends by:
