According to a new report, the average asking rent for a home in Canada rose to $2,185 in June, marking a seven percent increase compared to the previous year. Despite this growth, it represents the slowest annual rate of growth in 13 months.
The report, conducted by Urbanation and Rentals.ca, examines monthly listings from Rentals.ca’s network. It reveals that average asking rents saw a 0.8 percent decrease from May, the largest month-over-month decline since early 2021. This decline is atypical compared to the usual monthly increases seen during this time of year.
In June, the average asking rent for a one-bedroom unit in Canada was $1,918, a 7.7 percent increase from a year ago. The average asking price for a two-bedroom unit was $2,301, up 9.6 percent.
Overall, asking rents for purpose-built rental apartments in June surged by 11 percent compared to the previous year, reaching an average of $2,121. Meanwhile, condominium apartment rents averaged $2,320, showing a 2.6 percent increase.
Most provinces recorded year-over-year increases in asking rents for purpose-built and condo rentals. Saskatchewan led with a 22.1 percent gain, reaching $1,339. Ontario saw a 1.3 percent decline from the previous year to $2,382, while rents in British Columbia remained flat.
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