A new report says the average asking rent for a home in Canada reached $2,185 in June, up seven percent compared with a year ago despite representing the slowest annual rate of growth in 13 months.
The report by Urbanation and Rentals.ca, which analyzes monthly listings from the latter’s network, says average asking rents decreased 0.8 percent from May—the largest month-over-month decline since early 2021 and atypical compared with usual monthly increases this time of year.
Based on the report, the average asking rent for a one-bedroom unit in Canada was $1,918 in June, up 7.7 percent from a year ago, while the average asking price for a two-bedroom unit was $2,301, up 9.6 percent.
Overall, asking rents for purpose-built rental apartments in June jumped 11 percent compared with a year earlier to reach an average of $2,121.
Meanwhile, condominium apartment rents, which averaged $2,320, were up 2.6 percent.
The majority of provinces recorded year-over-year increases in asking rents for purpose-built and condo rentals, led by Saskatchewan with a 22.1 percent gain to reach $1,339. Ontario saw a 1.3 percent decline from a year ago to $2,382, while rents in B.C. were flat.
