Zumper’s most up-to-date Canadian Hire Report reveals 15 of the nation’s most populous cities have seen their common hire enhance on a month-to-month foundation in 2023.
“With the nationwide emptiness fee for leases at lower than 2 per cent, the demand in Canada has continued to outpace the accessible provide, which has led to spiking rents in a lot of the cities on this report,” the rental web site mentioned.
The info comes from Zumper’s a whole bunch of 1000’s of energetic rental listings throughout Canada and, maybe unsurprisingly, Vancouver remained the most costly metropolis within the nation to hire—with the typical month-to-month hire for a one-bedroom residence at $2,600 and for a two-bedroom, $3,800.
Vancouver’s common hire for a one-bedroom residence is up by 18.2 per cent year-over-year, and 21 per cent year-over-year for a two-bedroom unit.
Toronto is the second-priciest rental market in Canada in line with Zumper, as tenants pay a median of $2,400 monthly for a one-bedroom residence and a median of $3,090 a month for a two-bedroom.
The info reveals each residence sorts in Toronto noticed hire bounce by greater than 20 per cent since this time final yr.
Burnaby, B.C. got here in at quantity three with the typical one-bedroom residence hire transferring up 14.1 per cent year-over-year to $2,350 monthly, whereas two-bedroom models price a median of $3,000 month-to-month—a rise of 15.8 per cent since final yr.
Rounding out the highest 5 priciest rental markets in Canada, Victoria, B.C., and Kitchener, Ont. got here in fourth and fifth with a median one-bedroom residence’s month-to-month hire of $2,000 and $1,880, and the typical price of a two-bedroom unit listed at $2.500 and $2.250 monthly, respectively.
The report additionally discovered Calgary had the fastest-growing month-to-month hire within the nation. Calgary moved up 4 spots and made it into the highest 10 with a 6.1 per cent month-over-month enhance in common hire for a one-bedroom unit. Calgary additionally had the fastest-growing common hire year-over-year, hovering by 42.3 per cent for a one-bedroom residence and 32.9 per cent for a two-bedroom unit.
Edmonton had the second fastest-growing common hire month-over-month, adopted intently by Saskatoon and Quebec Metropolis. In Edmonton, the typical hire rose by 5.8 per cent for a one-bedroom unit and 6.2 per cent for a two-bedroom residence month-over-month.
The common month-to-month hire for a one-bedroom residence in Kelowna, Barrie, London, Kitchener and Kingston declined month-over-month. And though Vancouver, Victoria and Regina noticed no change in common hire for a one-bedroom residence month-over month, all three cities noticed common hire go up by not less than 9.3 per cent for a one-bedroom unit year-over-year.
Reporting for this story was paid for by The Afghan Journalists in Residence Venture funded by Meta.
