How is the rental market performing in Canada? Watch the latest Coast to Coast video on RHBTV – Ben Myers talks about the findings of the latest National Rent Report by Rentals.ca and Bullpen Consulting.
Monthly rental rates continue to fall as the average rent for all Canadian properties listed on Rentals.ca in April 2021 was $1,675 per month, an annual decline of 9% and a monthly decline of 1%. The median rental rate also continues to decline, sitting at $1,600 per month in April, a 13% decrease from a year earlier, and a monthly decline of 2%.
Single-family homes also experienced an annual increase in average rent between April 2020 and April 2021, rising 1.5% from $2,466 up to $2,502. Single-family properties also increased month-over-month, rising 4.9% from $2,385 to $2,502.
Condo apartments experienced an annual decrease in average rent, declining 12.2% year over year between April 2020 and April 2021 from $2,269 down to $1,992 per month, while showing a monthly decline of 0.2%.
Rental apartments, which make up the majority of the listings on Rentals.ca, experienced a year-over-year increase of 5.9%, moving from $1,495 in April 2020 up to $1,583 in April 2021. Rental apartments also experienced a month-over-month decline of 0.3% between March and April 2021.
To Read the Full National Rent Report, CLICK HERE