Average rent in Canada up 10.7% since last year: report
The Canadian Press
Published Wednesday, February 15, 2023 4:34PM EST
Last Updated Wednesday, February 15, 2023 4:34PM EST
TORONTO - A new report says the average listed rent for all property types in Canada jumped by 10.7 per cent year-over-year in January, the ninth straight month of double-digit increases.
The report from Rentals.ca and Urbanation calculated the average listed rent to be $1,996 in January, down 0.5 per cent from December.
When compared with the pre-pandemic average rent in January 2020 of $1,823, rents in Canada increased 9.5 per cent, which amounts to an average annual increase of 3.2 per cent during the three-year period.
Shaun Hildebrand, Urbanation's president, says the numbers indicate that Canada's rental market started 2023 in line with the end of 2022 but saw sharp annual rent growth, low supply and quickly rising demand.
Vancouver and Calgary had the highest increases in average rent for condos and apartments in January, with annual growth of 22.9 per cent and 22.7 per cent, respectively.
Meanwhile, Toronto condo and apartment rents increased 20.8 per cent annually in January.
This report by The Canadian Press was first published Feb. 15, 2023.