year over year . The July average was also up 2.6% since June. July’s average is only $20 below the pre-pandemic peak — $1,954 in September 2019.
“The 2.6% monthly increase in average rents in Canada is the second highest monthly jump in three years, topped only by the 3.8% rise in May 2022,” says Ben Myers, President of Bullpen Research & Consulting.
On a local level, Victoria saw the most notable rental rate increase across all property types at 27% YoY. Other notable YoY increases included Hamilton , Kitchener , Burnaby, Toronto and London , Mississauga , Calgary , Vancouver , and Red Deer . On the flip side, average rents in Winnipeg fell by 1%.Out of 35 cities, Toronto had the fourth highest rental rates in all of Canada. A one-bedroom in the city was $2,257 in July, up 21.6% YoY and 4% MoM.
When you break down rents based on property types, single-family homes were the priciest in terms of rent, with an average monthly rate of $3,043 in July. That price is up 14.1% since last year and $391 since January. Townhouses had an average of $2,465 per month, up by 17.3% YoY, and rental apartments had an average of $1,743, up by 7.7% YoY. Rental apartments make up the majority of listings on Rental.ca.
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