A recent report from Urbanation and Rentals.ca reveals that the average asking rent for a home in Canada reached $2,185 in June, marking a seven percent increase compared to the same period last year. Despite this rise, it represents the slowest annual growth rate in 13 months.
The report, which analyzes monthly listings from Rentals.ca's network, also highlights a 0.8 percent decrease in average asking rents from May. This decline is the largest month-over-month drop since early 2021 and is unusual for this time of year when rents typically increase.
For one-bedroom units, the average asking rent in June was $1,918, reflecting a 7.7 percent increase year-over-year. Two-bedroom units saw a 9.6 percent rise, with the average asking price reaching $2,301.
Purpose-built rental apartments experienced an 11 percent year-over-year increase in June, with average rents hitting $2,121.
Condominium apartment rents averaged $2,320, showing a modest increase of 2.6 percent from the previous year.
Most provinces recorded year-over-year increases in asking rents for both purpose-built and condo rentals. Saskatchewan led with a 22.1 percent rise, bringing average rents to $1,339. Conversely, Ontario saw a slight decline of 1.3 percent to $2,382, while rents in British Columbia remained stable.
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