Single rental units in St. Catharines jumped 20% compared to last year
Published March 14, 2023 at 11:33 am
Renters looking for one-bedroom units in St. Catharines paid 21.3 per cent more in February 2023 than they did one year prior.
The average one-bedroom unit rent in the Garden City rose to $1,631/month last month, a 3.2 per cent jump from January.
Two bedroom units fared slightly better, jumping to an average of $1,940/month. That went up just 1.6 per cent from January and saw a 9.8 per cent hike since February 2022.
Ontario led the country in annual rent inflation during February with 16.2 per cent growth for apartments, followed by Alberta and British Columbia where rents rose 14.5 per cent and 11.4 per cent year over year, respectively.
Over the past three months, rents increased the most in Quebec (+2.9 per cent) and Ontario (+1.0 per cent), while all other provinces recorded three-month rent declines for purpose-built and condominium apartments.
Asking rents in Canada increased 9.7 per cent annually to an average of $1,984 in February.
The annual rate of rent inflation has been moderating since reaching a high of 12.4 per cent in November 2022. Rents decreased 0.6 per cent from January 2023, the third consecutive monthly decline, and decreased by a cumulative 2.0 per cent over the past three months, indicating some softening in the market related to reduced affordability in the rental market, a recent improvement in home-buying demand, and an increase in new supply from apartment completions.insauga's Editorial Standards and Policies advertising