Average Rent Over $2,000 in Canada

Average Rent Over $2,000 in Canada

The average rent in Canada soared in 2022 and now stands at a whopping $2,024.

A new report from Rentals.ca examined what it was like to rent a house, condominium or apartment this year and saw a shocking 12.4% increase over 2021. More than 66% of Canadians live in homes owned, but the rest live on hire and things only get worse. 

Rent prices have risen 2.5% from October and 4.9% in the last three months. The condo-style studio unit became 16.6% more expensive and saw the biggest increase at $1,918. You can only get a one-bedroom for 2,050 dollars. The price jumped sharply to an average of $2,422 per month for a two-bedroom room and about $2,723 for a three-bedroom room. 

On the other hand, apartments showed a significant increase while being much cheaper than 2021. One-room, one-room, two-bedroom, and three-bedroom apartments averaged $1,345, $1,657, 2,030 and 2,318, respectively. The highest rate of increase in rent was two-bedroom apartments (12.6%).

BC tops the list with the most expensive rental market in all of Canada. One room costs $2,173 on average, and two rooms cost $2,820 on average. In Ontario, the average rent for private and condominium rents rose 15.3% annually, while one-bedrooms rose an average of $2,156. The average rent for a two-bedroom room is $2,638. According to Rentals.ca, Atlantic Canada is the fastest growing country in November, growing 31.8% this year. 

The average rent in the area amounted to $1,716 per bedroom and 2,032 per two bedrooms. Rent in Alberta also saw double-digit growth in November. But despite significant gains, rental properties remained somewhat affordable, averaging $1,283 for one-room units and $1,618 for two-room units. Quebec also saw a sharp rise in rents, but a short surge compared to the aforementioned states. Rent rose only 6.3% this year.

(Picture = Rentals.ca)