Average Rent Reaches a New High of $2,193 in February, Up 10.5% from 2023

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A recent study reveals that the median rental price in Canada rose to $2,193 per month in February, indicating a 10.5% growth compared to the previous year and marking the most rapid annual expansion since September 2023. The report, published on Monday by Rentals.ca and Urbanation, highlights that the typical monthly expense for a one-bedroom apartment in February was $1,920, a 12.9% increase from February 2023. For a two-bedroom apartment, the median asking price was $2,293, reflecting an 11.3% annual growth.

The study further indicates that the overall asking rents in Canada have seen a cumulative rise of 21%, or an average of $384 per month, from two years ago, coinciding with the commencement of interest rate hikes by the Bank of Canada.

Alberta retained its position as the province with the most rapidly growing rents, with the total average asking prices escalating 20% annually last month, reaching $1,708.

In contrast, British Columbia and Ontario recorded the slowest growth in February, with annual increments of 1.3% and 1%, respectively. However, these provinces continue to be the costliest for renters in Canada, with the total average asking rents amounting to $2,481 in B.C. and $2,431 in Ontario.

In February, traditional purpose-built rental apartments witnessed the quickest year-over-year price growth, with a 14.4% increase and rents averaging $2,110. Condominium rentals and apartments in houses, with average rents of $2,372 and $2,347, respectively, experienced slower annual growth rates of 5% and 5.3%.

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