The cost of renting an apartment in Canada continues to climb, with a 5.9% increase reported in July compared to last year, according to Rentals.ca.
The sharpest increases are occurring in smaller cities, while larger urban areas have seen slight decreases due to an influx of new condos.
Halifax experienced an alarming 18% year-over-year rent increase, with a 7% jump just from the previous month.
In the Prairies, since July 2023, Saskatoon saw rent prices surge by 19%, and Regina’s rents climbed nearly 15%.
Edmonton also recorded double-digit growth, while Quebec City reported a 21% increase.
Nationally, every province except Ontario and B.C. reported year-over-year rent increases, with Saskatchewan leading at 22.2%.
The average asking rent across all residential properties reached $2,201 in July, with Vancouver maintaining the highest average rent for a two-bedroom at $3,666 per month.
However, Vancouver’s average rent has dropped by about 7% since last year, and Toronto’s by 5.1%. Despite these reductions, both cities, along with Burnaby, Mississauga, and Burlington, remain the most expensive places to rent in Canada.
During the pandemic, rents fell due to slowed population growth and weakened demand, with the average rent bottoming out at $1,685 in March 2021. Since then, rents have surged by about 31%. Nationally, the average rent increased by 0.8% in July, following a 0.8% decline in June.
