Canada average rent bounces back above $2,000, up $224 from last year

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Canada average rent bounces back above $2,000, up $224 from last year

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After hovering just above and then just below $2,000 a month in September and October, the national median rent for all property types bounced back above the threshold in November, rising 2.5 percent to 2,024, according to the latest Rentals report USD.ca and Urbanation Inc.

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While rents increased only slightly month-on-month, year-over-year rents are up 12.4 percent, meaning new renters are paying about $224 more than last year.

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“Rents in Canada are increasing at an exceptionally fast rate, which is having a profound impact on housing affordability as interest rates continue to rise,” Shaun Hildebrand, president of Urbanation, said in the report. “Because the most expensive cities have very little supply and the fastest rent increases, demand in regions with high population growth is shifting to cheaper areas.”

Median condominium and purpose-built rents accelerated in the most expensive cities, Vancouver and Toronto, posting annual growth of 24.3 percent to $3,104 and 23.7 percent to $2,864, respectively.

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Calgary ranked third among Canada’s largest cities with annual growth of 21.9 percent to US$1,793.

Meanwhile, Montreal had the slowest growth, rising 7.6 percent annually to $1,817.

  1. Eligible low-income renters receive a one-time Canada Housing Benefit Top-up.

    Ottawa provides a one-time rent subsidy of $500 to low-income families

  2. A rental sign in Edmonton.

    Toronto rents are up 26% year over year, but the national average cools in October

Atlantic Canada remains the region with the fastest rental growth, posting a 31.8 percent increase in November.

Average rent in Ontario has risen 15.3 percent annually, making it the third-fastest-growing province, but rents have fallen in a number of cities. Rents in St. Catharines fell 5.5 percent to $1,561 a month, Barrie saw a 2.6 percent drop to $1,829 and London rents fell 1.1 percent to $1,797.

In the greater Toronto area, condo and non-residential rents soared in a number of regions including: Brampton, where they rose 28 percent to $2,430; North York was up 25.8 percent at $2,470; Etobicoke up 24.5 percent at $2,568; and Scarborough and Mississauga, down 22.9 percent to $2,301 and 19.2 percent to $2,452, respectively.

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