By Staff
May 20th, 2022
BURLINGTON, ON
This hurts!
Average rent for all Canadian properties listed on Rentals.ca in April was $1,821 per month, an annual increase of 9 per cent from $1,676 per month in April 2021, according to the Rentals.ca and Bullpen Research & Consulting latest National Rent Report.
The April 2021 rent figure was the lowest national average rate over the last four years, with the monthly results in 2022 close to pre-pandemic rent levels. April 2022’s average rent is about $25 lower than the levels experienced the same month in 2020 and 2019.
Burlington came in third on the list of 35 cities for average monthly rent in April for a one-bedroom home at $2,017 and eighth for average monthly rent for a two-bedroom at $2,261.
Rates are high, inventory very tight – the rental market is likely to stay this way for a while.
Year over year, average monthly rent in April for a one-bedroom in Burlington was up 15.9 per cent and up 11.8 per cent for a two-bedroom.
Toronto finished second on the list of 35 cities for average monthly rent in April for a one-bedroom at $2,065 and for average monthly rent for a two-bedroom at $2,849.
Year over year, average monthly rent in April for a one-bedroom in Toronto was up 13 per cent and up 17.2 per cent for a two-bedroom. Month over month, average rent in Toronto was up 2.1 per cent for a one-bedroom and up 2.6 per cent for a two-bedroom.
Average rents in Toronto and Etobicoke for condo rentals and apartments were up annually by 15 per cent to $2,303 and $2,173 respectively;
Hamilton average rents increased 11 per cent to $1,790; and Mississauga, and London rents rose 7 per cent to $2,070 and $1,581, respectively.
Ontario had the second highest average rents at $2,093 per month (median: $2,000).
Ben Myers, president of Bullpen Research & Consulting said:“Average rental rates for single-family homes, townhouses and condominium apartments have experienced strong month-over-month growth as demand increases for higher-end properties. Big city rents are surging with Vancouver and Toronto leading the way. A return to the office, high gas prices, and rising interest rates are all fuelling demand for centrally located rental offerings.”
