Rental prices across Canada have seen the biggest month-to-month increase in years – and Vancouver continues to see the highest rent in the country, a new report reveals.
Online apartment rental platform Rentals.ca has released its June 2022 National Rent Rankings report, which analyzes the average rental prices of its May listings.
In Canada, the average apartment rent in May was $1,888, representing a 10.5% year-over-year increase.
“This also represents a month-over-month increase of 3.7 [per cent]the largest monthly increase since May 2019,” the report authors note.
Vancouver continues to have the highest rental prices in Canada for both one and two bedroom units. The average cost of a one-bedroom apartment in May 2022 was $2,377, which is a 1.8% increase from last month and a whopping 19.1% year-over-year increase. ‘other.
Two-bedroom apartments cost an average of $3,495 in May, which is up 5.1% from last month and a staggering 24.1% year-over-year increase.
Toronto has the second highest rental prices in the country, with one-bedroom units averaging $2,133 in May; two-bedroom units averaged $3,002.
Another city in British Columbia, Burnaby, ranked among the top three most expensive cities in Canada. One-bedroom apartments cost $2,012 while two-bedroom apartments cost $2,645 in May.
Two Ontario cities complete the top five of the highest Canadian rental markets in May: Oakville and Burlington.