The record follows last month’s reported all-time high of $2,188, with average asking rents for all residential property types in Canada having increased 9.3% year-over-year in May, according to the latest national rent report from Rentals.ca and Urbanation.Average rent in Canada has surpassed its all time high, hitting a new record of $2,200 a month, according to thereported all time high of $2,188, with average asking rents for all residential property types in Canada having increased 9.
In his analysis of Thursday's data, Urbanation President Shaun Hildebrand noted that the increased rents reflect the seasonal context. "Canada’s rental market is entering the peak summer season with continued strength,” he said. "Markets such as Vancouver and Toronto that had experienced some softening in rents in previous months are stabilizing near record highs, while many of the country’s mid- and small-sized cities are still posting double-digit rent increases.
According to the report, "Edmonton continued as the leader in rent growth among Canada’s largest cities, posting a 14.6% annual increase in asking rents for apartments." Calgary increased twice that amount in the past year, but still, average asking rent remains lower in Edmonton at $2,089 vs. Calgary's $1,507.However, the report highlights that May wasn't kind to any of the provinces when it comes to annual increases in apartment rents for purpose-built and condo rentals.
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