Canada’s Average Asking Rental Price Hits Record High

A recent report reveals that the average asking rental price in Canada has reached an all-time high, impacting tenants nationwide.

The rental market in Canada continues to see an upward trend, with the average asking rental price surpassing $2,200 in May, reaching a record high, according to a recent report by Rentals.ca and Urbanation. The report, published on Thursday, revealed that the average monthly asking price for all residential rentals increased by 9.3 per cent year-over-year to hit $2,202 in May.

Canada's Average Asking Rental Price Hits Record High

Vancouver remains the city with the most expensive asking price for a one-bedroom rental at $2,671, followed by Burnaby, B.C. at $2,545, Toronto at $2,479, and Mississauga, Ont. at $2,339. In contrast, smaller cities like St. John's, N.L., Fort McMurray, Alta., and Saskatoon, Sask. had lower rental rates ranging from $955 to $1,258.

While rental rates in Vancouver and Toronto saw a slight decrease since May 2023, cities like Regina, Quebec City, and Halifax experienced annual increases of 10 per cent or more. The report, compiled by Toronto-based real estate research firm Urbanation using data from Rentals.ca, highlights the varying trends in rental prices across the country.

As Canada's rental market enters the peak summer season, markets such as Vancouver and Toronto are stabilizing near record highs, while mid- and small-sized cities are still seeing double-digit rent increases. British Columbia led the country with the highest average rental asking price for an apartment or condo at $2,526, followed by Ontario at $2,423.

Rent inflation was particularly high in Saskatchewan, Alberta, and Nova Scotia, with annual increases ranging from 17.1 per cent to 21.4 per cent. Edmonton saw the highest asking price increase among Canada's larger cities at 14.6 per cent, although it remained less expensive on average than Calgary.

Overall, Vancouver and Toronto maintained the highest prices for all apartment and condo sizes, with average prices of $3,008 and $2,784, respectively. The rental market in Canada continues to be dynamic, with different regions experiencing varying trends in Canadian rental prices.

The rental market in Canada is showing resilience and strength, with rental prices reaching record highs in many cities across the country. As the summer season progresses, it will be interesting to see how Canadian rental prices continue to evolve in different regions.