Jessy Bains Fri, February 18, 2022
The cost to rent a home in Canada is rising again after a drop to end 2021.
Data from rentals.ca’s national rent report found the average rent for all properties in Canada on its site was $1,807 a month in January. That’s up 4.4 per cent annually and 1 per cent monthly.
Ben Myers, president of Bullpen Research & Consulting, says the December drop in rent had more to do with a typical seasonal decline and less to do with Omicron fears.
“However, the pandemic trend of much higher demand for larger properties continues, with average rental rates for single-family properties up 20 per cent annually,” said Myers.
“The need for more space, a frothy resale market, future interest rate hikes, and the decoupling of workers from their place of employment remain key factors in the rise.”
The average rent for a single-family home in January was up nearly 20 per cent year-over-year to $2,652 a month. Condo rents rose 13.8 per cent to $2,227 a month, while apartments were up 2.1 per cent to $1,639.
Average rent in Ontario for all types of homes was $2,110, up 9.7 per cent year-over-year. British Columbia was up 9.6 per cent to $2,181, while Quebec was up 5.3 per cent to $1,686.
Alberta was an outlier, down 1.3 per cent to $1,227.
Cheapest cities to rent a home
Regina was the cheapest city to rent a home in the report at $1,027 a month, followed by Saskatoon ($1,071), and Edmonton ($1,182).
The largest declines in year-over-year average rents were in Scarborough (1.9 per cent), Regina (0.8 per cent), and Edmonton (0.8 per cent).
Conversely, rent has gone up the most in Gatineau (17.8 per cent), London (17.2 per cent), and Vancouver (16.2 per cent).
The highest average rents were in Vancouver ($2,550), Toronto ($2,317), and Etobicoke ($2,214).