{"id":2648,"date":"2023-05-15T16:46:56","date_gmt":"2023-05-15T16:46:56","guid":{"rendered":"https:\/\/rentals.ca\/blog\/?p=2648"},"modified":"2023-05-26T17:08:11","modified_gmt":"2023-05-26T17:08:11","slug":"rentals-ca-april-2023-rent-report","status":"publish","type":"post","link":"https:\/\/rentals.ca\/blog\/rentals-ca-april-2023-rent-report","title":{"rendered":"Rentals.ca April 2023 Rent Report"},"content":{"rendered":"

Rent Growth Reaccelerates in March<\/b>

After a brief moderation during the winter, rents reaccelerated as the Canadian rental market entered the spring. Asking rents for all available property listings increased 1.0% monthly and 10.8% annually to reach an average of $2,004 in March.  Rents increased month-over-month for the first time since November, pushing the annual percentage rate of rent increase back into the double digits. Over the past year, average asking rents have grown by $196, clearly illustrating how rental housing demand is strongly outstripping supply in Canada.<\/span><\/p>

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Rentals.ca April 2023 Rent Report<\/h2>
  1. National Overview<\/a><\/li>
  2. Provincial Overview<\/a><\/li>
  3. Municipal Rental Rates<\/a><\/li><\/ol><\/div><\/h2><\/a>

    1. National Overview<\/h3>

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    Two-Bedroom Rents Rising Fastest<\/b><\/p>

    Asking rents for purpose-built and condominium apartments increased 1.5% month-over-month and 10.9% year-over-year to an average of $1,937 in March. For the second straight month, two-bedroom rents increased the fastest on an annual basis, up 10.7% to an average of $2,127. One-bedroom asking rents also recorded double-digit annual rent growth, rising 10.1% to an average of $1,749. Asking rents for three-bedroom units were up 6.8% year-over-year to an average of $2,402, while studio rents increased 4.9% from a year ago to an average of $1,395.<\/span><\/p>

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    2. Provincial Overview<\/h3>

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    Double-Digit Rent Growth in Almost All Provinces<\/b><\/p>

    Rent inflation was strongest over the past year in Nova Scotia, where average asking rents for purpose-built and condominium apartments increased 20.8% to $2,167. Annual rent growth was second fastest in Ontario at 17.1%, reaching an average of $2,401 for purpose-built and condominium apartments. Alberta and British Columbia recorded nearly identical annual rent increases of 13.4% and 13.2%, respectively, although averaging widely different rents of $1,461 (AB) and $2,541 (BC). Annual rent growth moved into the double-digits in Quebec (+12.2%) and Manitoba (+12.6%) during March to reach averages of $1,839 and $1,463, respectively.<\/span><\/p>

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      \"\"<\/span><\/p>

    <\/h2><\/a>

    3. Municipal Rental Rates<\/h3>

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    Calgary Continues Leading Rent Growth Among Canada’s Largest Markets<\/b><\/p>

    For the second consecutive month, asking rents increased fastest in Calgary among Canada’s largest markets for purpose-built and condominium apartments, up 24.9% annually to $1,890. Toronto maintained its second place standing with annual rent growth of 22.4%, reaching an average of $2,818. Vancouver, the most expensive of Canada’s largest markets, recorded annual rent growth of 18.7% in March, pushing average asking rents up to $3,146. All of Canada’s six largest rental markets saw rents rise by more than 10% over the past year.<\/span><\/p>

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      \"\"<\/span><\/p>

    Immigration Hots Spots in Scarborough and Brampton See Rents Surge<\/b><\/p>

    Among Canada’s mid-sized rental markets, average asking rents for purpose-built and condominium apartments in BC were highest in Burnaby ($2,866), Coquitlam ($2,813), and Richmond ($2,636). In Ontario, average asking rents for mid-sized markets were highest in Oakville ($2,648), Etobicoke ($2,587) and Mississauga ($2,549). Outside of the Greater Toronto Area, average asking rents were highest in Barrie ($2,362), Cambridge ($2,253), Guelph ($2,196) and Kitchener ($2,195). <\/span><\/p>

    The fastest growing markets for rent growth tend to attract relatively high levels of immigration, led by Scarborough (+34.9%) and Brampton (+29.1%) to reach averages of $2,527 and $2,518, respectively, for purpose-built and condominium apartments. London represented the third-fastest appreciating mid-sized rental market, where asking rents rose 24.6% annually to an average of $1,978. North York in the greater Toronto Area and Coquitlam in Metro Vancouver rounded out the top five for rent growth in Canada’s mid-sized market with annual increases of 24.1% and 23.8%, respectively.<\/span><\/p>

         \"\"<\/span><\/p>

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    Single Room Rentals Coming into Focus<\/b><\/p>

    As rental costs have soared in Canada over the past year, private room and shared accommodation rentals have gained popularity. The average asking rent for single room rentals in Canada was $834 in March, with the highest rents averaging $1,053 in BC and $934 in Ontario. In Vancouver and Toronto, single room asking rents averaged $1,410 and $1,309, respectively.<\/span><\/p>

    \"\"<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

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Asking rents for all available property listings increased 1.0% monthly and 10.8% annually to reach an average of $2,004 in March.\u00a0 Rents increased month-over-month for the first time since November, pushing the annual […]<\/p>\n","protected":false},"author":18,"featured_media":2649,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[13],"tags":[],"coauthors":[35],"class_list":["post-2648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canada-national-rent-reports"],"yoast_head":"\nRentals.ca April 2023 Rent Report<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rentals.ca\/blog\/rentals-ca-april-2023-rent-report\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rentals.ca April 2023 Rent Report\" \/>\n<meta property=\"og:description\" content=\"Rent Growth Reaccelerates in March After a brief moderation during the winter, rents reaccelerated as the Canadian rental market entered the spring. 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