By Staff
February 16th, 2023
BURLINGTON, ON
We are still here – find out why.
Rents are not coming down -and there is yet to be much in the way of a pattern.
Dismal describes what people are up against.
The latest National Rent Report:
The average listed rent for all property types in Canada rose 10.7 per cent year over year in January, the ninth straight month for double-digit increases, according to the Rentals.ca and Urbanation latest National Rent Report.*
The average listed rent for all property types was $1,996 in January, decreasing 0.5 per cent from December after averaging above $2,000 during the previous two months.
Compared to the pre-pandemic average rent in January 2020 of $1,823, rents in Canada increased 9.5 per cent, equal to an average annual increase of 3.2 per cent during the three-year period.
Toronto finished second on the list of 35 cities for average monthly rent in January for a one-bedroom at $2,458 and second for average monthly rent for a two-bedroom at $3,227.
Year over year, average monthly rent in January for a one-bedroom in Toronto was up 20.8 per cent and up 17.2 per cent for a two-bedroom.
Burlington came in fifth on the list of 35 cities for average monthly rent in January for a one-bedroom at $2,210 and eighth for average monthly rent for a two-bedroom at $2,519.
Year over year, average monthly rent in January for a one-bedroom in Burlington was up 17.9 per cent and up 10.3 per cent for a two-bedroom.
Among Canada’s six largest rental markets, Toronto condo rental and apartment rents increased 20.8 per cent annually in January. Vancouver and Calgary had the highest increases in average rent for condominium rentals and apartments in January, with annual growth of 22.9 per cent and 22.7 per cent, respectively.
Among 20 medium-sized cities and areas in Canada, seven GTA rental markets recorded the highest average annual rent increases for condo rentals and apartments in January: Brampton with the highest increase up 25.1 per cent; Mississauga up 19.3 per cent; Etobicoke up 17.5 per cent; Vaughan up 14.6 per cent; Oakville up 14.4 per cent Burlington up 14.3 per cent and Scarborough up 13.5 per cent.
Shaun Hildebrand, president of Urbanation said: The Canadian rental market started 2023 where it ended in 2022, posting sharp annual rent growth amid low supply and quickly rising demand. Outside of Toronto, rent increases are becoming more acute in markets in BC and Alberta, which are experiencing relatively strong rates of population growth.
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*The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level.
