The average monthly rents are up in Canada. The first increase in half a year. After six straight months of declines, the average monthly rent for all Canadian properties in May grew by 2% month-over-month to $1,708 according to Rentals.ca and Bullpen Research in their latest National Rent Report. This marks the first time the average monthly rental rate experienced its first month-over-month increase since October of last year.
After becoming such a competitive and pricy rental market, Toronto’s once sky-high rent costs took a nosedive across the board at the onset of the pandemic. But now that hope is finally on the horizon for a return to life as we knew it, it looks like the rental market is starting to return to life too. And, if all goes according to plan Canada will re-open its borders to further immigration, international students, and tourism. With this, rental rates are naturally expected to rise further.
According to the report, the demand for larger units remains as hot as ever as the average monthly rental rates for single-family homes continues to grow, increasing from $2,214 in January to $2,608 in May, a notable rise of 18% in that time span. Anecdotal evidence shows bidding wars, and tenants renting homes sight unseen, according to the report. Toronto finished second on the list for average monthly rent in May for a one-bedroom at $1,833 and for a two-bedroom at $2,455.
