Median rent in Canada for all properties increased more than 10 percent year over year in July, according to a recent national analysis of online listings.
The last National Income Reportpublished by Rentals.ca and Bullpen Research and Consulting, found that the median rent for all property types, including single-family homes, townhomes, rental apartments, condominium apartments, and basements, posted on the website was $1,934 in July. .
This is an increase of 10.4 percent compared to the same month in 2021.
The report found that the median rent in July 2022 was just $20 below the pre-pandemic peak of $1,954 in September 2019.
Month-over-month, median rent rose 2.6 percent in July compared to June, making it the second-highest monthly increase in three years, Bullpen Research and Consulting president Ben Myers said in a statement. Press release.
“Rents were buoyed by rent growth (or increase) of 20 percent or more in several major Canadian municipalities, and double-digit growth in several of the most affordable rental markets, such as Red Deer and Saskatoon,” Myers said.
The median rental rate in July was $1,799, an increase of $1,750 in June and a nine percent increase from $1,649 in July 2021.
The report notes that workers returning to the office are a factor behind rising rental prices.
Higher mortgage rates and concerns about future price declines in the housing market are hitting would-be homebuyers with a “double whammy,” the news release says. Rising interest rates also prevent potential home sellers from listing their properties. These factors could be generating greater demand in the rental market.
“Immigration remains high and the unemployment rate across the country remains near record lows, so despite some recession fears, rental market demand remains strong,” the report says.
VANCOUVER AND BC MAIN ROSTERS
An analysis of 35 Canadian cities found that Vancouver topped the list with the highest median monthly rent for a one- and two-bedroom home in July this year at $2,500 and $3,630, respectively, with year-over-year increases of 14.4 percent and 19 percent. .4 percent.
Compared to June, the median rent for a one-bedroom home in Vancouver increased 3.6 percent and 4.8 percent for a two-bedroom home.
Median rent in Toronto for July increased 21.6% year-over-year to $2,257 for a one-bedroom home and 25% to $3,259 for a two-bedroom home. Toronto ranked fourth on the list for highest rental prices.
Month-over-month, the median rent in Toronto increased 4 percent for a one-bedroom home and 7.8 percent for a two-bedroom home.
Montreal ranked 24th on the list, with median rent in July rising 8.9% to $1,543 for a one-bedroom home compared to the previous year and up 5.7% to $1,958 for a two-bedroom home .
British Columbia had the highest median rent for all property types in July at $2,590, up 19 percent year over year.
Ontario ranked second with median rent increasing 15.2 percent to $2,332 year-over-year, while Nova Scotia came in third after median rent increased significantly in July by 25 percent year-over-year. at $2222.
Manitoba was the only province to see its median rent decline in July 2022 compared to July 2021, though it only represented a slight drop of $3 to $1,377.
Single-family homes are the most expensive units listed on Rentals.ca, according to the report, rising 14.1% in July to $3,043 compared to a year earlier. The median rent for single-family homes has increased by $391 since January.
The median monthly rent for townhomes increased 17.3 percent annually to $2,465 and 14.4 percent to $2,306 for condominium apartments.
Apartments saw a 7.7 percent year-over-year increase to $1,743 in July.