Rental markets in these provinces outpace national averages
The affordability crisis for Canadian renters continues to worsen – and it’s particularly bad in two provinces.
Nationally, the average asking rent for a home in Canada in March was up 8.8% compared to a year ago, but down 0.6% from the previous month, according to a new report by Urbanation.
The average asking rent last month was $2,181, with one-bedroom units averaging $1,915 (up 11.3% year-over-year) and two-bedrooms averaging $2,295 (up 10.6%).
Purpose-built rental apartments experienced the sharpest price hikes, with asking rents climbing 12.7% year over year to an average of $2,117. Condominium apartment rents were slightly less steep, averaging $2,321, a 3.9% increase from March 2023.
Regional growth
While the national numbers showed a slight monthly decline, some regions continued to see rapid rental growth.
Renters in Alberta and Saskatchewan are facing the most dramatic affordability challenges. Alberta posted an 18.3% increase in average asking rents compared to the previous year, reaching $1,728. Saskatchewan wasn’t far behind, with an 18.2% jump to $1,297.
Ontario had the second-highest average asking rents last month, up 0.4% from March 2023 to $2,410.
On the other hand, British Columbia experienced a 1.9% year-over-year decline in average asking rents for purpose-built and condominium apartments, reaching $2,494. Ontario followed with a modest 0.4% year-over-year increase to $2,410.
On a city level, average asking rents in Vancouver moved down 4.9% to $2,993 last month, marking the first time since July 2022 that they have fallen below the $3,000 level. Toronto’s average rental prices also declined 1.3% to $2,782, representing the third consecutive month of annual rent declines.
The strongest rent growth among Canada’s largest cities was in Edmonton, reaching an average of $1,507 in March — a 15.9% gain from the same month in 2023.
Federal support
This rising cost-of-living has prompted federal initiatives to ease the burden on renters.
Prime Minister Justin Trudeau recently announced a renters’ bill of rights that aims to enhance transparency and fairness in rental pricing.
Read more: Trudeau proposes reforms for renters as housing crisis deepens
Among other measures, the legislation intends to ensure landlords provide a clear apartment pricing history and consider rental payment history in credit assessments, which could benefit first-time homebuyers.
“Renters deserve credit for the money they put toward rent over the years, especially when it comes time to apply for a mortgage for their first home,” Trudeau said in a statement.
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