Canada Housing Market

According to a new report by rentals.ca, the average asking rents for all residential property types in Canada reached a new high of $2,202 in May 2024. This is the first time the national average rent has surpassed the $2,200 mark, indicating a significant trend in the Canadian housing market.

National Rent Rankings – June 2024

Here’s a breakdown of the top cities with the highest average rents for one-bedroom and two-bedroom units:

1. Vancouver, BC
   • 1 Bed: $2,671 (0.9% M/M, -5.6% Y/Y)
   • 2 Bed: $3,628 (0.6% M/M, -1% Y/Y)
2. Burnaby, BC
   • 1 Bed: $2,545 (-0.3% M/M, 7.6% Y/Y)
   • 2 Bed: $3,213 (1.9% M/M, -2.7% Y/Y)
3. Toronto, ON
   • 1 Bed: $2,479 (0.8% M/M, -2.3% Y/Y)
   • 2 Bed: $3,284 (1.9% M/M, -0.1% Y/Y)
4. Mississauga, ON
   • 1 Bed: $2,339 (2.7% M/M, 1.2% Y/Y)
   • 2 Bed: $2,702 (0.7% M/M, -0.9% Y/Y)
5. North York, ON
   • 1 Bed: $2,287 (0.4% M/M, 4.3% Y/Y)
   • 2 Bed: $2,696 (0.2% M/M, -0.6% Y/Y)

National Overview

In May 2024, the national average asking rent increased by 9.3% year-over-year, maintaining the same growth rate as April. This consistent growth aligns with the average annual increase of 9.1% observed over the past three years. Including the rent declines experienced in 2020 and 2021, the latest five-year average annual growth for asking rents was 4.7%.

Provincial Overview

• British Columbia (BC): Average rent reached $2,526, marking a 2% increase year-over-year.
• Ontario (ON): Average rent was $2,423, showing a 0.6% increase year-over-year.
• Quebec (QC): Average rent stood at $1,999, up 6.7% year-over-year.
• Alberta (AB): Average rent climbed to $1,787, reflecting a 17.5% increase year-over-year.
• Saskatchewan (SK): Average rent was $1,334, showing a substantial 21.4% increase year-over-year.

Notable City Insights

• Toronto, ON: Despite a year-over-year decline of 0.9%, the average rent in Toronto was $2,784.
• Vancouver, BC: The average rent in Vancouver dropped by 4.1% year-over-year to $3,008.
• Edmonton, AB: Edmonton saw the most significant annual increase among major cities, with rents up 14.6% to $1,507.

Fastest Rising Rental Market

Lloydminster emerged as the fastest rising rental market in Canada, with asking rents for apartments soaring by 29.3% from the previous year to an average of $1,150. Despite this sharp increase, Lloydminster’s average rent remains 46% below the national average.

Roommate Rents

• National Average: $992, an 8.4% increase year-over-year.
• Highest in BC: $1,191.
• Highest in ON: $1,069.
• Strongest Growth in AB: +9.6% to $883.

Conclusion

The Canadian rental market continues to see significant growth, with asking rents reaching record highs. As the market evolves, keeping an eye on these trends is crucial for both renters and landlords.

For more detailed insights and to view previous rent reports, visit Rentals.ca Rent Reports.