April rent prices up 9.3% in Canada, report says

(Photo: The Canadian Press)

A new report says the average rent asked for accommodation in Canada in April was up 9.3% from last year, while a slight month-over-month increase was also recorded for the first time since January.

The Urbanation and Rentals.ca report, which analyzes the latter’s network’s monthly listings, says the average asking rent for all property types was $2,188 last month.

The annual growth rate accelerated from an 8.8% increase recorded the previous month. Asking rents increased by 0.3% month over month.

According to the report, the average asking rent for a one-bedroom unit in Canada was $1,915 in April, up 11.6% from the same period last year, while the average asking price for a two-bedroom unit was $2,295, up 11% from April 2023.

Overall, asking rents for purpose-built rental apartments in April increased 13.1% from the previous year to an average of $2,124.

Rents for condominium units averaged $2,331, up 3.8%.

All provinces recorded month-over-month and year-over-year increases in asking rents, with the exception of Ontario where rents decreased by 0.3% per month and by 0.7% per year to reach an average of $2,404.

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