Canadian Rent Prices Increase 9.3% in April: Urbanation and Rentals.ca Report

The latest report by Urbanation and Rentals.ca reveals that Canadian rent prices increased by 9.3% in April, with Ontario being the only province to see a decline.

The latest report by Urbanation and Rentals.ca reveals that the average asking rent for a home in Canada saw a significant increase of 9.3 per cent compared to last year. This marks the first month-over-month increase since January, with the average asking rent for all home types reaching $2,188 in April. The annual growth rate surpassed the previous month's 8.8 per cent increase, with asking rents up by 0.3 per cent month-over-month.

In April, the average asking rent for a one-bedroom unit in Canada was $1,915, showing an 11.6 per cent increase from the previous year. Meanwhile, the average asking price for a two-bedroom unit was $2,295, up by 11 per cent from April 2023. Purpose-built rental apartments also saw a significant increase, with asking rents rising by 13.1 per cent year-over-year to reach an average of $2,124. Condominium apartment rents averaged $2,331, reflecting a 3.8 per cent increase.

All provinces experienced month-over-month and year-over-year increases in asking rents, except for Ontario, where rents decreased by 0.3 per cent monthly and 0.7 per cent annually to an average of $2,404. Saskatchewan emerged as the cheapest province to rent in, with an average of $1,300, surpassing Alberta as the provincial leader in annual rent growth with an 18.4 per cent increase. Alberta reached an average of $1,746, marking a 16.4 per cent increase from the previous year.

Nova Scotia recorded the third-highest rent growth at 10.1 per cent, with an average asking price of $2,169. B.C. maintained the highest asking rents at an average of $2,507 in April, showing a 1.6 per cent increase from April 2023. Quebec saw an 8.7 per cent increase in average asking rents, reaching $2,011, while Manitoba's 9.8 per cent increase brought its average to $1,609.

In terms of municipal basis, average asking rents in Vancouver continued to decline, dropping by 7.8 per cent to $2,982 last month. Despite remaining the highest among Canada's largest cities, Vancouver rents have fallen by 10.7 per cent since peaking in July 2023. Toronto's average rental prices also declined by 2.3 per cent year-over-year to $2,757, marking a 5.4 per cent decrease from their peak in November 2023. Edmonton maintained its position as the leader for rent growth among Canada's largest cities, reaching an average of $1,507 in April, reflecting a 13.3 per cent gain from the same month in 2023.

The latest report highlights the significant increase in average asking rents for homes in Canada, with various provinces and cities experiencing growth in rental prices. The data provides valuable insights into the current rental market trends and the affordability of housing across the country.