, averaging $2,002 and “effectively unchanged” from the month prior. Compared to the pandemic low of April 2021, however, the national average has spiked 20%, or by an average of $340 per month.
“Canadians have become accustomed to increasing rents after the pandemic,” says Matt Danison, CEO of Rentals.ca. “Record immigration with most newcomers renting, high interest rates keeping first-time home buyers on the sidelines, and inflation are all drivers of rising rents, increasing demand, and low vacancy rates.”The report also sheds light on the rent situation provincially.
That said, compared to the pandemic low, rents have increased the most in Ontario, up 29%, and BC, up 28%.As has been a long-standing trend, Vancouver and Toronto remained the most expensive of Canada’s largest markets — average rents clocked in at $3,236 and $2,822, respectively — although rates saw no material change from March. Year over year, however, it was a different story. Calgary’s market saw the steepest appreciation , followed closely by Toronto .
In addition, from the pandemic low, rents have increased drastically in both Vancouver and Toronto .While we have come to expect sky-high rents and drastic rent inflation from Vancouver and Toronto, rents are also exploding in a number of the Greater Toronto Area’s mid-sized markets. In fact, the report says, those markets “dominated” April’s national rent growth.
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