A brand new report says the typical asking worth for a rental unit in Canada was $2,193 per 30 days in February, marking a ten.5 per cent bounce year-over-year and the quickest annual progress since September 2023.

The information released Monday by Rentals.ca and Urbanation, which analyzes month-to-month listings from the previous’s community, reveals the typical month-to-month price of a one-bedroom unit in February was $1,920, up 12.9 per cent from the identical month in 2023. The typical asking worth for a two-bedroom was $2,293, up 11.3 per cent yearly.

The report says asking rents in Canada have elevated general by a complete of 21 per cent, or a mean of $384 per 30 days, from two years in the past, simply earlier than the beginning of rate of interest hikes by the Financial institution of Canada.

Alberta maintained its standing because the province with the fastest-growing rents, with whole common asking costs up 20 per cent yearly final month to achieve $1,708.

British Columbia and Ontario posted the slowest progress in February, with annual will increase of 1.3 per cent and one per cent, respectively. However the provinces stay Canada’s most costly for renters, with whole common asking rents of $2,481 in B.C. and $2,431 in Ontario.

Conventional purpose-built rental residences posted the quickest year-over-year worth progress in February with a 14.4 per cent enhance, as rents averaged $2,110. Condominium leases, with a mean lease of $2,372, and residences in homes, at $2,347, had slower annual progress of 5 per cent and 5.3 per cent, respectively.

READ ALSO: ‘Incredibly stressful time’: Rents continue to rise in Greater Victoria, with low vacancy rates

This report by The Canadian Press was first printed March 11, 2024.


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