Rentals.ca released its latest report on the Canadian rental market, covering select areas from January to June of 2022.
We took a look at the detailed, robust report, with a few key take-aways.
Average rents this June are higher than last year:
In comparison to last June, the average rent in Canada is up 9.5%.
Rental prices have experienced 3 straight quarters of annual increases:
Rentals.ca aggregated median rents for all property listings by quarter from Q4-2019 to Q4-2021, to Q2-2022. Median rent for all property types increased by an annual 7%. After seven consecutive quarters of annual declines, rental prices have experienced three straight quarters of annual increases.
Rental apartments best represent the overall conditions of the market:
Rental apartments typically account for about 55% of listings on Rentals.ca, whereas condo apartments for lease make up about 25%. This suggests that rental apartments best represent the overall conditions in the domestic rental market, and act as a good point of reference.
Average rental rates for rental apartments have seen an annual increase of 5%. This stock did not experience the same levels of decline during the pandemic, which is why they have not experienced the same levels of price growth when compared to other rental unit types.
British Columbia & Ontario are the most expensive provinces to rent in:
Average rent data for all property types during the second quarter of 2022 suggest that British Columbia and Ontario had the highest monthly rental rates. This year’s rates were compared to second quarter average rates in 2019, 2020, and 2021. In Ontario, rents increased 18% monthly, and in British Columbia rents increased 25%.
Renters are paying the most for square footage in Vancouver and Toronto:
For all unit sizes, Vancouver and Toronto are paying the highest rents on a per-square-foot basis. The data reports that these cities had the highest average rental rates for apartments, while having the smallest average unit sizes. Many other high ranking cities were municipalities in Ontario.
Higher number of larger units on the market:
The slight decline of average monthly rates in June 2022 is likely due to the changing composition of listings by province. Average unit size for listings across all property types increased in June 2022, suggesting that a higher number of larger units are becoming available and being listed as market demands shift. Tenants are looking to rent larger units as they work and spend more time at home post-pandemic.
Interested in learning more?
Read the full report here: