Canadian Rental Market Hits Record Highs with 8.9% Annual Surge in Average Rents
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The Canadian rental market has witnessed a significant surge in average asking rents, reaching an all-time high of $2,078 in July, marking an 8.9% year-over-year increase. This growth is the most rapid seen in three months and coincides with a substantial 1.8% month-over-month increase from June, the most significant monthly rise in eight months. Over the past two years, average rents in Canada have soared by a staggering 21%, costing Canadians an additional $354 per month compared to July 2021. Several factors contribute to this surge, including a rush among post-secondary students to secure leases before the fall term, population growth, and a slowdown in home-buying due to the Bank of Canada's interest rate hike.
The data also reveals that one-bedroom apartments experienced the most significant growth in July, with a robust 13% annual increase and a 2.5% monthly uptick, averaging at $1,850. Meanwhile, two-bedroom units averaged $2,191, and three-bedroom units stood at $2,413. Studios remained the most affordable option at an average rent of $1,445. Regionally, Alberta led in annual rent growth for both purpose-built and condominium apartments, with a 15.6% year-over-year increase, followed by Quebec at 13.7%, and Ontario at 9%. British Columbia had the highest average asking rent at $2,622 in July.
Read the full article on: CTV NEWS
