Average Canadian Rent Reaches A Five-Month High In April

The average asking rent for all homes in Canada reached a five-month high in April, rising 0.4 percent to $2,127. This marks the second month in a row rents have increased, signaling a possible turn in the nation's rental market.

Compared to the low point during the COVID-19 pandemic in April 2021, average rent is up nearly 28 percent. Rents are also around 6.2 percent higher than they were two years ago. While prices dropped dramatically during the pandemic, they have climbed back as life returned to normal.

Still, when comparing rents year over year, Canada-wide asking rents are down 2.8 percent. This marks seven straight months of annual declines. In real terms, this means renters now have a bit more breathing room compared to last spring.

Experts say this rent pickup reflects a stabilizing rental market as new apartment buildings open. Shaun Hildebrand, president of Urbanation, notes that renters are benefiting from more options, thanks to a record amount of new supply hitting the market.

In April, purpose-built rental apartments saw rents rise by 0.9 percent to an average of $2,105. But condo rents fell—down 1 percent from March and more than 5 percent from a year ago, now averaging $2,210. Other secondary rental options also showed small declines.

Regionally, the provincial picture varied. Saskatchewan led with a 4.1 percent yearly increase, followed by Nova Scotia at 2.6 percent and Manitoba at 0.6 percent. Alberta, British Columbia, and Quebec saw annual drops, with Alberta also recording a monthly decline. Among major cities, Calgary saw the steepest yearly drop at 8.9 percent, while Toronto fell 5.5 percent, Vancouver 4.9 percent, and Montreal 3.5 percent. Ottawa and Edmonton saw slight gains.