Average Rent Tops $2,000 Per Month For First Time In Canada
HALIFAX — A new report shows it costs more than ever just to keep a roof over your head. For the first time, average rent prices in our country have broken the $2,000-per-month barrier for a one-bedroom apartment.
Vancouver has the highest rents in the country, followed by Toronto. Out of the top 20 cities listed in the report from Rentals.ca, Halifax was the only place listed outside of B.C. and Ontario. The city was 13th on the list, with an average rent of $1,957 for a one-bedroom apartment. That a nearly 20 percent year-over-year increase.
According to the report, Canadian renters are now paying an average monthly rent that is $224 higher than last year. Compared to the pre-pandemic average three years ago in November 2019, average rents in Canada have increased 10.5 percent.
Two-Bedroom Rents Increased the Most
Rents grew the fastest over the past year for two-bedroom units, increasing 12.2% to an average of $2,133. One-bedroom rents increased 8.9% year over year to an average of $1,739, while studio rents grew 6.5% and three-bedroom rents grew 5.6% to reach averages of $1,402 and $2,389, respectively.
Atlantic Canada Leads Rent Growth in Canada
In Atlantic Canada, the average rent for a one bedroom is just over $1,700 per month, while two-bedrooms were renting for an average of $2,032.
The east coast continued to represent the fastest-appreciating rental market in Canada, posting 31.8 percent annual growth in November for purpose-built and condominium rentals.
Steve MacArthur is the Regional News Director for Nova Scotia at Acadia Broadcasting, Huddle content partners.