The recently released Canadian rental report from Rentals.ca, delves into the average rent for 1-bedroom and 2-bedroom units across 35 cities in Canada. It highlights a notable increase of $175 in the past six months, reaching a new high of $2,178 on average in October 2023 nationwide.
Key Points:
- Rent Growth and Factors:
- The annual rent growth in Canada for October stands at 9.9%, the second-fastest increase in the past seven years.
- Rent inflation is driven by surges in Alberta, Quebec, and Nova Scotia, attributed to robust population growth and new rental supply at higher-than-average market rents.
- Most Expensive Cities:
- Vancouver, BC, tops the list with an average rent of $2,872 for a 1-bedroom and $3,777 for a 2-bedroom.
- Following are Burnaby, Toronto, Oakville, and Mississauga, with 14 of the 25 most expensive markets situated in Ontario and nine in British Columbia.
- Regional Variations:
- Toronto witnessed a slight year-over-year decrease, marking the first since August 2021.
- British Columbia maintains the highest average rents but experiences a second consecutive monthly decline, indicating a potential ongoing fall.
- Ontario shows the slowest annual growth in apartment rents, with a 4.6% increase in October.
- Least Expensive Cities:
- The five least expensive cities include Saskatoon, Regina, Fort McMurray, Red Deer, and Winnipeg.
- Generally, more affordable places are found in smaller cities and rural areas.
Insights into Rental Markets:
Renting in Canada: The article emphasizes the variety of rental options in Canada, including apartments, single-family homes, duplexes, townhouses, and individual rooms.
Finding a Rental: Newcomers should spend time considering the type of housing, location, and budget. Resources such as walking around neighborhoods, rental agencies, Realtor.ca, online Canadian rental platforms, and community bulletin boards are suggested. Immigrant settlement agencies are also recommended for comprehensive assistance.
