Average asking rents in Canada reach record $2,202 CAD in May, per the Toronto Star.
— unusual_whales (@unusual_whales) June 13, 2024
Here are the key points from the report on average asking rents in Canada for May 2024:
- The average asking rent for a home in Canada hit a record $2,202, up 9.3% from a year ago and 0.6% from the previous month. This is the first time average asking rents surpassed the $2,200 level.
- For one-bedroom units, the average asking rent was $1,927 (up 10.7% from a year ago), while two-bedroom units averaged $2,334 (up 12.1%).
- Purpose-built rental apartments saw a 13.7% year-over-year increase, reaching an average of $2,146. Condominium apartment rents grew at a slower rate, averaging $2,312 (up 3.4%).
- All provinces recorded year-over-year increases in asking rents, with Saskatchewan leading at 21.4% growth, followed by Alberta (17.5%) and Nova Scotia (17.1%).
- British Columbia maintained the highest asking rents at an average of $2,526, while Ontario’s average was $2,423.
- Vancouver and Toronto, Canada’s most expensive cities, experienced rent declines, with Vancouver down 4.1% (average $3,008) and Toronto down 0.9% (average $2,784)
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