New survey highlights rental market hotspots in Canada
Alberta saw the greatest rent increase for condo rentals and apartments recently, with a 14.6% annual gain in January, according to a new survey by Rentals.ca and Urbanation.
This was closely followed by British Columbia (14.4%), although BC still saw the highest average rents for one-bedroom condo rentals and apartments ($2,163) and for two-bedroom units ($2,769).
By urban region, BC played host to the markets with the greatest increases in average rent. Vancouver saw annual growth of 22.9% in condo and apartment rental rates in January (reaching $2,755).
Vancouver’s average rent for a two-bedroom was $3,732, which was the highest average rent among the six largest cities in Canada, the survey noted.
“The Canadian rental market started 2023 where it ended in 2022, posting sharp annual rent growth amid low supply and quickly rising demand,” said Shaun Hildebrand, president of Urbanation. “Outside of Toronto, rent increases are becoming more acute in markets in BC and Alberta, which are experiencing relatively strong rates of population growth.”
Among Canada’s medium-sized cities, Burnaby saw the greatest annual increase in rents for condos and apartments (32.7%). Surrey came at a distant second (19.8%), followed by Victoria (16.7%) and Coquitlam (14.4%).
The three most expensive medium-sized cities to rent on in January were all in BC: Burnaby ($2,947), Coquitlam ($2,680), and Richmond ($2,636).
