The average rents for residential properties in Canada increased by 5.5% year over year, according to the latest data from Rentals.ca.
The average rent for Canadian properties during October was $1,940, while the median rent was $1,850, up 8.9% from a year earlier.
This recent increase was not consistent across property types, with townhouses posting the biggest jump at 19.7% while condominiums reported the smallest growth at 0.8%.
Also read:Steady home sales recorded in October — CREA[1]
Rental apartments comprise 57% of total listings used by Rentals.ca, making them the most reflective of the actual rental market conditions in Canada.The average rental apartment was listed for $1,574 per month in October, up 7.7% from the same month last year at $1,461.
The graph below shows the difference in rental growths across property types:
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Across all provinces, Ontario reported the highest rental rates, with landlords charging an average of $2,334 per month.This represents a 9.1% increase from last year's $2,139.
The increase in rent in Ontario could be due to the limited housing supply.There were only 17,915 new apartment completions during the first three months of the year,