The typical asking value for hire in Canada reached $2,196 in January, a 10 per cent enhance from this time final yr — marking one other file excessive amid a deepening rental disaster.
In response to knowledge launched Wednesday by Leases.ca and market analysis agency Urbanation, the common asking value of hire went up by 20 per cent (or $373 monthly) in comparison with rental costs from January 2020, two months earlier than COVID-19 pandemic lockdowns started.
Lease costs soared final yr as provide struggled to maintain up with demand, resulting in the bottom nationwide emptiness price on file because the Canada Mortgage and Housing Corp. started monitoring that knowledge in 1988.
Whereas costs are rising throughout the nation total, the image differs between markets.
Whereas Vancouver remains to be the costliest metropolis for renters in Canada, rents in Vancouver fell by three per cent in January in comparison with final yr.
Edmonton’s rental costs grew on the quickest price, in the meantime, averaging $1,479 for purpose-built and rental leases — a 17.1 per cent enhance from this time final yr. Calgary’s rents had been up by 12.8 per cent since final yr, for a median value of $2,047.
The price of a one-bedroom rental additionally continued to extend, with annual development of 12.6 per cent in January.
Vancouver had the highest common asking value for one-bedrooms at $2,683, with Burnaby, B.C., shut behind at a median asking value of $2,551, adopted by Toronto at $2,511. Saskatoon was the least costly metropolis for a one-bedroom rental, with a median asking value of $1,192.
Throughout 4 provinces — Alberta, B.C., Ontario and Quebec — the common asking hire for residing areas shared with a roommate went up by 18.5 per cent yearly to $1,010 in January.
The CMHC stated in a report final month the emptiness price for purpose-built rental flats sat at 1.5 per cent through the first two weeks of October 2023, when it carried out its annual survey.
That was down from 1.9 per cent a yr earlier, which on the time was the bottom nationwide emptiness price in additional than 20 years.
