The latest monthly rental data from a pair of Canada-based dealers shows continued inflationary and interest rate hike will drive some looking for a place to live from the ownership perspective to the rental market.
Both Rentals.ca and Zumper.com, which aggregate data from available rental units, say the upward trend in costs across Canada’s largest cities continues amid the backdrop. cooling down the housing market in some provinces.
“As central banks globally combat inflation by raising interest rates, some demand will shift from the property market to the rental market,” said Ben Myers, president of Bullpen Research & Consulting.
Pilot project uses high school students to bring vacant, affordable Hamilton apartments back online
Sky-high gas prices can also boost demand for walkable and vehicle-friendly urban locations – similar properties that have been hit hard during the pandemic when the benefits of densely populated neighborhoods near downtown offices, restaurants and entertainment become less valuable.”
The average monthly asking price for all Canadian properties on Rentals.ca in April 2022 was $1,821 per month, up 9% year-over-year.
British Columbia and Ontario continued to have the most expensive rents through the end of April at $2,200 and $2,000, respectively, per month, according to the report. National Rent Report, published by Rentals.ca and Bullpen Research.
Zumper said Quebec kept its biggest rent increase year-over-year, up 28%, while Barrie, Ont., was the only city where rents fell, down 2.9%.
Year-to-date, Vancouver had the biggest increase in average rents, 25%, to $2,748 per month, with Toronto and Etobicoke up 15% and Calgary 13% year-over-year, according to Rentals.ca data.
In Hamilton, two analysts estimate you’ll spend more than $1,530 a month on a one-bedroom rental, with Rentals’ average of $1,557 and Zumper’s average. Canada Tenancy Report bid is $1,500.
Both reported increases of just over $30 a month in one-bedroom rents in Hamilton over the past month.
As of the end of April, Rentals.ca puts Hamilton in 19th place on a list of 35 cities for the highest average monthly rent for a bedroom. The city is nine out of 23 on Zumper’s list.
A two-bedroom in the Hammer will run you somewhere around $1,950, with rental companies averages $1,985 and $1,900, respectively.
According to Rentals.ca, the annual increase is $262 a month and around $140 according to Zumper’s estimates.
St. Catharines are seeing similar increases year over year, with a one-bedroom now at around $1,430 per month and a two-bedroom at $1,800.
A one-bedroom apartment in Toronto costs about $2,027 on average, while two beds will run a tenant around $2,700 per month.
© 2022 Global News, a division of Corus Entertainment Inc.