Rents across Canada up nine per cent from ’21; Oshawa rent up nearly 14 per cent
Published May 24, 2022 at 11:51 am
Rents across the country are up nine per cent from last year but only on par with rents from pre-pandemic times, according to Rentals.ca.
Vancouver reported the highest average rent in Canada last month (all property types) at $1,821, followed by Toronto and the GTA communities of Burlington, Oakville and Etobicoke.
Burlington’s rent spiked 15.85 per cent – the highest among the municipalities on the list – to $1,897 per month. Oshawa came in 15th on the list with an average rent of $1,646, up 13.83 per cent from 2021.
Last year’s rent was the lowest national average rate over the last four years.
The most expensive units are single-family homes, with landlords asking $2,776 per month on average in April 2022 compared to $2,265 per month for townhouses, $2,235 per month for condo apartments, $1,651 per month for rental apartments, and $1,590 per month for basement apartments.
Single-family properties increased month-over-month, rising 2.2 per cent from $2,716 to $2,776, while townhouse rents also increased month-over-month, experiencing an increase of 3.8 per cent from $2,182 per month in March 2022 to $2,265 per month in April 2022. Condo apartments were up 1.5 per cent.
Rental apartments, which make up the majority of the listings on Rentals.ca, experienced a slight month-over-month increase of 0.3 per cent from $1,646 per month in March 2022 to $1,651 per month in April 2022. Given the large size of rental apartment listings, they are considered the most reliable property type to review and are the most reflective of rental market conditions nationally.
Rental demand typically picks up in the spring, and softening resale housing market conditions could further boost rental demand.insauga's Editorial Standards and Policies advertising advertising