Average rents in Canada now $1,959
September 22, 2022
Average rent in Canada reached $1,959 in August topping the peak of three years ago in September 2019 by a few dollars, according to the Rentals.ca and Bullpen Research & Consulting latest National Rent Report.
The national average rent for all property types on Rentals.ca increased 11.1 per cent year-over-year in August 2022 and rose 16.8 per cent since the recent low of $1,676 per month in April 2021. The average listing on Rentals.ca is nearly $200 more expensive than a year ago.
Vancouver topped the list of 35 cities for average monthly rent. In August, average rent in the city for a one-bedroom home was $2,574 and average monthly rent for a two-bedroom was $3,694.
Toronto, with an average one-bedroom rent in August at 2,329—up 17.7% from a year earlier—was in second place. A two-bedroom apartment rents for an average of $3,266 per month in the Ontario capital.
The third, fourth and fifth most expensive rental markets were all in British Columbia.
Provincially, B.C. had the highest average rents for all property types at $2,578 per month in August—an annual increase of almost 24 per cent.
The lowest one-bedroom average rental monthly rates in Canada in August were in Lloydminster, Alberta, at $827; Saskatoon at $988; Regina at $1,036; and Fort McMurray, Alberta, where one-bedroom rents fell 1.6 per cent from August 2021 to $1,054.