Rents across Canada rose 9.3% in April from a year ago as landlords continue to ratchet up prices on their tenants.
April also saw a 0.3% month-over-month increase in rent prices, the first monthly growth since January of this year, according to data released by Urbanation and Rentals.ca.
The average asking rent across all types of properties in Canada – apartments, condominiums, and houses – was $2,188 in April.
The average asking price for a one-bedroom unit was $1,915 in April, up 11.6% from a year earlier.
All provinces across Canada saw month-over-month and year-over-year increases in asking rents. The lone exception was Ontario, where rents decreased 0.7% annually to an average price of $2,404.
Saskatchewan remained the cheapest province in the country to rent with an average cost of $1,300. However, Saskatchewan saw the highest rent growth in April with an 18.4% annual increase.
Among municipalities, rents in Vancouver continued to decline in April, moving 7.8% lower to an average of $2,982.
Toronto's average rental price declined 2.3% to $2,757 in April and has now fallen 5.4% since peaking in November 2023.
