A for rent sign is displayed on a house in Ottawa on Friday, Oct. 14, 2022. Rentals.ca and Urbanation's latest rent report says average rents across Canada were up one per cent between February and March – the first monthly increase since November. THE CANADIAN PRESS/Sean Kilpatrick
Rentals.ca and Urbanation’s latest rent report says average rents across Canada were up one per cent between February and March ““ the first monthly increase since November.
They say rents reaccelerated in the spring after a brief moderation during the winter, bringing the average rent to $2,004 in March.
That total amounts to a 10.8 per cent increase from the prior March.
Asking rents for purpose-built and condominium apartments similarly increased 1.5 per cent from February and 10.9 per cent from the previous March, reaching an average of $1,937.
Rentals.ca and Urbanation also found average asking rents increased by $196 over the last year.
They say this indicates that rental housing demand is strongly outstripping supply.
This report by The Canadian Press was first published April 13, 2023.
