Average asking rent prices are up 10.5% from 2023

A new report says the average asking price for a rental unit in Canada was $2,193 per month in February, marking a 10.5% jump year over year and the fastest annual growth since September 2023.

The data released Monday by Rentals.ca and Urbanation, which analyzes monthly listings from the former’s network, shows the average monthly cost of a one-bedroom unit in February was $1,920, up 12.9% from the same month in 2023. The average asking price for a two-bedroom was $2,293, up 11.3% annually.

The report says asking rents in Canada have increased overall by a total of 21%, or an average of $384 per month, from two years ago, just before the start of interest rate hikes by the Bank of Canada.

Alberta maintained its status as the province with the fastest-growing rents, with total average asking prices up 20% annually last month to reach $1,708.

British Columbia and Ontario posted the slowest growth in February, with annual increases of 1.3% and 1%, respectively. But the provinces remain Canada’s most expensive for renters, with total average asking rents of $2,481 in B.C. and $2,431 in Ontario.

On a municipal basis, the largest cities in those two provinces also remain the most expensive major cities to live in Canada for renters. The average asking price for a one-bedroom unit in Vancouver last month was $2,653, down 1.1% from a month earlier, though still 0.5% higher than February 2023.

In Toronto, landlords were listing one-bedroom units for $2,495 on average, down 0.6% on a month-over-month basis and 0.2% from a year ago.

Traditional purpose-built rental apartments posted the fastest year-over-year price growth in February with a 14.4% increase, as rents averaged $2,110. Condominium rentals, with an average rent of $2,372, and apartments in houses, at $2,347, had slower annual growth of 5% and 5.3%, respectively.

The report also highlighted a surge in roommate listings last month.

It says the number of listings for shared accommodations tracked in Canada’s four largest provinces grew 72% in February compared with a year ago.

The average asking rents for shared accommodations increased 12% to $1,010, led by 13% annual growth in B.C. to $1,186 and 12% in Alberta to $873.

In Ontario, average roommate rents increased 9% to $1,099 and in Quebec by 5% to $920.