Asking rents across the country continued to hit new highs in September, increasing by 1.5% from August and 11.1% from a year ago.
“With year-over-year growth rising back into double-digits, the annual rate of rent inflation accelerated to a nine-month high,” says the report.
Asking rents for condos and purpose-built apartments averaged a record high of $2,078 in September, increasing 1.6% month-over-month and 13.3% year-over-year. The report shows that one-bedroom apartments recorded the “fastest annual growth in asking rents of 15.5% to reach $1,905.”
Two-bedroom apartment rents rose 13.1% from a year ago to an average of $2,268, while three-bedroom rents were up 11.4% annually to an average of $2,514.
Broken down per province, BC and Ontario are the most expensive in the country, hovering around $2,500 per month. Saskatchewan has the lowest, at a modest $1,115 per month.
Are roommates to help with rent the answer?
As renters look to save costs and mitigate soaring mortgage payments, Rentals.ca says the volume of listings looking for roommates has increased by 27% compared to this time last year.
This included a 40% increase in roommate listings in BC and a staggering 78% increase in listings within Ontario.
The highest asking rents for share accommodations during September were in Vancouver at $1,590 and Toronto at $1,308.
Navigating Canada’s rental market has become an uphill battle. Unfortunately, the message is clear: expect to spend big if you’re looking for a place to call home.
Source: Urbanized
