The average asking rent in July was $2,001, down marginally from June, according to the latest monthly report from Rentals.ca.
Compared to the low of $1,662 reached during the pandemic in April 2021, rent prices are still up by 20%, or $340 per month.
Rents continued to rise slowly in major metro areas like Toronto and Vancouver; however, prices are now below year-ago levels by 4.6% and 7.2%, respectively.
“As we move past the peak of summer, we’ve seen very little of the uplift typically expected with the warmer months,” said David Aizikov, Senior Analyst at Rentals.ca. “However, as the weather cools and days become shorter, rental demand typically slows, which may further slow market rent growth.”
Prairies lead in rent price growth and remain most affordable region
The Prairie region boasts Canada’s most affordable rental markets, yet it also experiences some of the fastest-rising rental prices.
Among the country’s top 25 municipalities, the Saskatchewan cities of Regina and Saskatoon currently rank the most affordable, with average rents of $1,413 and $1,344, respectively. Despite their affordability, these cities saw annual rent price growth of 19% in July.
Lloydminster, AB, maintained its position as Canada’s fastest-rising rental market, with apartment rents increasing by 28.3% annually in July. The top five markets for rent growth in the month were split between Alberta and Quebec, including Pointe-Claire (+25.6%), Grand Prairie (+24.1%), Quebec City (+20.7%) and Lethbridge (+19.7%).
Here’s a look at the year-over-year rent increases in some of the country’s key markets:
| Average rent | Year-over-year change | |
|---|---|---|
| Vancouver, BC | $3,101 | -7.2% |
| Toronto, ON | $2,719 | -4.6% |
| Montreal, QC | $2,003 | +1% |
| Calgary AB | $2,111 | +4% |
| Ottawa, ON | $2,218 | +4% |
| Winnipeg, MB | $1,646 | +12% |
| Halifax, NS | $2,373 | +18% |
| Saskatoon, SK | $1,344 | +19% |
asking rent average rent in canada David Aizikov real esate rentals.ca
Last modified: August 7, 2024
