Canada's rental landscape has experienced an overall pullback in recent months, but many markets are still seeing excessively high rents. Rentalsdotca | Urbanation | realestate realestatenews rental rent
, the average asking rent for all property types in Canada hit $1,984 in February, a 2% decline since November. Despite representing a 9.7% annual increase, it’s the first time since June 2022 that average rents have not risen by double digits. However, the figure it still up 17.5% from 2021 levels, and is 11.1% above pre-pandemic figures.
The average rent for a one-bedroom in Vancouver rose 15.3% annually, to $2,640, while the average rent for a two-bedroom was up 22.5% year over year, to $3,632. The city’s sky-high rents made it the most expensive market in Canada. Nationally, the average asking rent for purpose-built and condo apartments was up 9.1% annually in February to $1,908.Although prices remain below the national average, Calgary has experienced the fastest rent growth of Canada’s large markets. Average asking rents in the city hit $1,862 in February, a three-month increase of 3.8% and an annual jump of 28.1%.
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