A brand new report says the common asking worth for a rental unit in Canada was $2,193 monthly in February, marking a ten.5% leap year-over-year and the quickest annual progress since September 2023.

The info launched Monday by Leases.ca and Urbanation, which analyzes month-to-month listings from the previous’s community, exhibits the common month-to-month price of a one-bedroom unit in February was $1,920, up 12.9% from the identical month in 2023. The typical asking worth for a two-bedroom was $2,293, up 11.3% yearly.

The report says asking rents in Canada have elevated total by a complete of 21%, or a mean of $384 monthly, from two years in the past, simply earlier than the beginning of rate of interest hikes by the Financial institution of Canada.

Alberta maintained its standing because the province with the fastest-growing rents, with whole common asking costs up 20% yearly final month to succeed in $1,708.

British Columbia and Ontario posted the slowest progress in February, with annual will increase of 1.3% and 1%, respectively. However the provinces stay Canada’s costliest for renters, with whole common asking rents of $2,481 in B.C. and $2,431 in Ontario.

Conventional purpose-built rental residences posted the quickest year-over-year worth progress in February with a 14.4% enhance, as rents averaged $2,110. Condominium leases, with a mean lease of $2,372, and residences in homes, at $2,347, had slower annual progress of 5 per cent and 5.3%, respectively.

This report by The Canadian Press was first revealed March 11, 2024.