Average rent is nearly 12% higher compared to last year

Having already surpassed pre-pandemic ranges, the common lease in Canada continued to rise in October.

The typical lease for all property sorts listed on Leases.ca in October hit $1,976 per thirty days, up $209, or 11.8%, from October 2021, in response to the positioning’s newest national rent report. Rents have now risen almost 18% since hitting a low of $1,676 in April 2021.

“The unprecedented development in rents underway is broad-based throughout Canada, with most markets reporting double-digit annual lease inflation,” mentioned Shaun Hildebrand, president of Toronto actual property analysis agency Urbanation, which co-released the report. “The rental market retains getting hotter with every rate of interest improve, coupled with a record-high improve within the inhabitants. The necessity to ramp-up rental provide has by no means been better.” 

A cross-country have a look at common rents

At a provincial degree, the Atlantic provinces noticed the steepest lease will increase over the previous yr, with costs up a median of 32.2% year-over-year. That was adopted by Ontario and Alberta, with lease costs rising 17% year-over-year in each provinces.

British Columbia, in the meantime, remained the province with the best general month-to-month lease at $2,433 for purpose-built condominium and condominium models, a 16% improve from final yr.

The report famous that the provinces with the fastest-growing lease costs had been those who additionally skilled the quickest charges of inhabitants development over the previous yr.

The provinces with the slowest development in month-to-month lease costs—Saskatchewan (+9%), Manitoba (+5%), and Quebec (+4%)—skilled below-average inhabitants development.

On the municipal degree, the next are the cities which have seen the biggest year-over-year lease will increase (amongst rental and condominium residences) up to now this yr:

• Burnaby, B.C.: $2,726 (+29.7%)
• Brampton, ON: $2,406 (+28.9%)
• Toronto, ON: $2,820 (+26.8%)
• London, ON: $2,016 (+26.2%)
• Kitchener, ON: $2,169 (+24.2%)