The average rent for all property types in Canada was $2,014 per month in May — a yearly increase of 6.5% and the slowest growth since 2021, according to a report from Rentals.ca. .Rent inflation in Canada remained in the double digits in May, according to the Monday report. The report said average monthly rent for a one-bedroom residence in Canada in May was $1,828 — an increase of 0.8% from April and 13% from the same month in 2022. .Vancouver was the city where it cost the most to rent a one-bedroom residence at $2,831. .Toronto came in second place ($2,538). This was followed by Burnaby, BC ($2,366), Mississauga, ON ($2,312), and Vaughan, ON ($2,251). .The city with the lowest rent for a one bedroom was Grande Prairie ($1,023). .The city with the largest monthly increase for a one bedroom was Burlington, ON (3.4%). When it came to the highest yearly increase, this title went to Scarborough (27.1%). .Brampton had the steepest monthly drop (-5.1%). Quebec City reported the largest yearly drop (-6%). .The report said average rent for a two-bedroom residence was $2,243 per month — up 0.7% from last month and 10.7% this year. .Vancouver was the city where it cost the most to rent a two bedroom at $3,666. .Burnaby ranked in second place ($3,304). This was followed by Toronto ($3,286), Etobicoke ($2,872), and Mississauga ($2,727). .Grande Prairie had the cheapest rent for a two bedroom ($1,226). .Grande Prairie had the largest monthly increase for a two bedroom (3.6%). Brampton, ON, had the largest yearly jump (26.9%). .Gatineau, QC, reported the most significant monthly drop (-2.3%). Quebec City had the largest yearly decline (-8.6%). .The province with the most expensive rent was British Columbia at $2,468. .Ontario had the second highest rent ($2,409). Subsequent to Ontario was Nova Scotia ($1,912), Quebec ($1,875), and Alberta ($1,521). .The province with the cheapest rent was Saskatchewan ($1,099). .The Bank of Canada (BOC) raised its target mortgage rate by .25%, taking it to 4.75%, on Wednesday — the highest since 2021..READ MORE: Bank of Canada raises its overnight rate to 4.75%.“Canada’s economy was stronger than expected in the first quarter of 2023, with GDP growth of 3.1%,” said the BOC. .“Consumption growth was surprisingly strong and broad-based, even after accounting for the boost from population gains.”
The average rent for all property types in Canada was $2,014 per month in May — a yearly increase of 6.5% and the slowest growth since 2021, according to a report from Rentals.ca. .Rent inflation in Canada remained in the double digits in May, according to the Monday report. The report said average monthly rent for a one-bedroom residence in Canada in May was $1,828 — an increase of 0.8% from April and 13% from the same month in 2022. .Vancouver was the city where it cost the most to rent a one-bedroom residence at $2,831. .Toronto came in second place ($2,538). This was followed by Burnaby, BC ($2,366), Mississauga, ON ($2,312), and Vaughan, ON ($2,251). .The city with the lowest rent for a one bedroom was Grande Prairie ($1,023). .The city with the largest monthly increase for a one bedroom was Burlington, ON (3.4%). When it came to the highest yearly increase, this title went to Scarborough (27.1%). .Brampton had the steepest monthly drop (-5.1%). Quebec City reported the largest yearly drop (-6%). .The report said average rent for a two-bedroom residence was $2,243 per month — up 0.7% from last month and 10.7% this year. .Vancouver was the city where it cost the most to rent a two bedroom at $3,666. .Burnaby ranked in second place ($3,304). This was followed by Toronto ($3,286), Etobicoke ($2,872), and Mississauga ($2,727). .Grande Prairie had the cheapest rent for a two bedroom ($1,226). .Grande Prairie had the largest monthly increase for a two bedroom (3.6%). Brampton, ON, had the largest yearly jump (26.9%). .Gatineau, QC, reported the most significant monthly drop (-2.3%). Quebec City had the largest yearly decline (-8.6%). .The province with the most expensive rent was British Columbia at $2,468. .Ontario had the second highest rent ($2,409). Subsequent to Ontario was Nova Scotia ($1,912), Quebec ($1,875), and Alberta ($1,521). .The province with the cheapest rent was Saskatchewan ($1,099). .The Bank of Canada (BOC) raised its target mortgage rate by .25%, taking it to 4.75%, on Wednesday — the highest since 2021..READ MORE: Bank of Canada raises its overnight rate to 4.75%.“Canada’s economy was stronger than expected in the first quarter of 2023, with GDP growth of 3.1%,” said the BOC. .“Consumption growth was surprisingly strong and broad-based, even after accounting for the boost from population gains.”
