A new report shows that the average asking rent for rental housing in Canada reached $2,185 in June, up 7 per cent from last year. This is the slowest annual growth rate in the past 13 months.
The report from Urbanation and Rentals.ca, which analyzes monthly listings across the latter’s network, shows that the average asking rent fell 0.8% from May – the largest month-over-month decline since the start of 2021, which is atypical of typical monthly increases during this time of year.
According to the report, the average asking rent for a one-bedroom unit in Canada was $1,918 in June, up 7.7 per cent from the same time last year, while the average asking price for a two-bedroom unit was $2,301, up 9.6 per cent.
The average asking rent for purpose-built rental apartments in June jumped 11% from a year earlier to an average of $2,121.
Meanwhile, condominium rents, which averaged $2,320, rose 2.6 percent.
Most provinces saw increases in asking rents over last year for purpose-built and condominium units, with Saskatchewan leading the way with a 22.1 per cent increase to $1,339.
The average home in Ontario fell 1.3 per cent from last year to $2,382, while rents in British Columbia remained stable.