A new report shows the average asking price for rental housing in Canada was $2,193 per month in February, up 10.5% year over year and the fastest annual growth since September 2023.
Data released Monday by Rentals.ca and Urbanation, which analyzes the former’s network’s monthly listings, show the average monthly cost of a one-bedroom unit in February was $1,920, up 12.9% from compared to the same month in 2023. The average price of a two-bedroom apartment was $2,293, up 11.3%.
Compared to two years ago, just before the Bank of Canada began raising interest rates, the report says that asking rents in Canada have increased by 21% overall, or an average of $384 per month. .
Slightly below the national progression, Quebec recorded annual growth in February of 9%, with an average total asking rent of $1,981.
Alberta maintained its status as the fastest-rising province for rents, with total average asking prices up 20 per cent year over year last month to $1,708.
British Columbia and Ontario posted the slowest growth in February, with annual increases of 1.3% and 1%, respectively. But these provinces remain the most expensive in Canada for renters, with an average total asking rent of $2,481 in British Columbia and $2,431 in Ontario.
Traditional purpose-built rental apartments showed the fastest year-over-year price growth in February in the country, with an increase of 14.4%, with rents averaging $2,110. Condo rentals, with an average rent of $2,372, and apartments in houses, at $2,347, saw slower annual growth of 5% and 5.3%, respectively.