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Rent soared in January

By Kelli Rickard Feb 15, 2024 | 11:03 AM

Photo courtesy photos-public-domain.com

Residential rent prices in Canada reached a record high in January.

A report from Rentals.ca shows last month saw an increase of 10% annually to nearly $2200.

The average asking rents for apartments increased fastest over the past year, rising 13.5% to about $2,100.

Condominium rentals averaged just over $2,300, up 4.1% annually.

House rentals jumped 5.6% year-over-year to an average of roughly $2,350.

According to the website, the four most expensive small and medium rental markets for purpose-built and condominiums were in Greater Vancouver.

Meanwhile, “small- and medium-sized markets ranking fifth through tenth for most expensive were all located in the Greater Toronto Area, including Richmond Hill ($2,789), Etobicoke ($2,629), Markham ($2,615), North York ($2,614), Mississauga ($2,605), and Vaughan ($2,603).

British Columbia remained the most expensive province with average asking rents of $2,529 for purpose-built and condominium apartments in January.

However, B. C’s annual rent growth was slowest in the country at 2.3%.

“Rent inflation for apartments and condominiums was highest in Nova Scotia (19.1%), Alberta (17.8%), and Saskatchewan (17.5%).

Nova Scotia’s average asking rents reached a record $2,210, while average asking rents were relatively more affordable in Alberta and Saskatchewan at $1,690 and $1,277, respectively.”