Report Shows Slowdown in Growth as Average Asking Rents Hit $2,185 in June

July 9, 2024 TruthUSA

A recent study reveals that the average asking rent for a home in Canada rose to $2,185 in June, which is a seven percent increase compared to last year. Despite this, it represents the slowest annual growth rate in 13 months.

The report by Urbanation and Rentals.ca, which examines monthly listings from the latter’s network, shows that average asking rents decreased by 0.8 percent from May. This is the largest month-over-month decline since early 2021, which is unusual for this time of year when rents typically increase.

According to the report, the average asking rent for a one-bedroom unit in Canada was $1,918 in June, marking a 7.7 percent increase from a year ago. On the other hand, the average asking price for a two-bedroom unit was $2,301, representing a 9.6 percent increase.

Overall, asking rents for purpose-built rental apartments in June saw an 11 percent jump compared to the previous year, reaching an average of $2,121. Meanwhile, condominium apartment rents averaged $2,320, reflecting a 2.6 percent increase.

Most provinces experienced year-over-year increases in asking rents for purpose-built and condo rentals. Saskatchewan led with a 22.1 percent increase reaching $1,339. Ontario, on the other hand, saw a 1.3 percent decline from a year ago to $2,382, while rents in B.C. remained flat.