Hire costs continued to rise in August with the nationwide common asking value reaching a brand new file excessive of $2,117, up almost 10% from final yr.

This additionally represented a 1.8% month-to-month enhance since July, in keeping with Leases.ca’s Hire Report. Over the previous three months, asking rents are up roughly $103, or 5.1%, the report notes.

One-bedroom lease costs had been up probably the most in Brampton, ON, which noticed a staggering 29% year-over-year enhance. Previously month alone, the typical lease value was up 3.3% to $2,274.

Different cities that noticed out-sized annual will increase in one-bedroom rents had been Calgary, AB (+21.6%) and Laval, Quebec (+20.1%).

Rental development not maintaining with demand

The report famous that rental condominium completions in Canada over the previous 12 months are nearing their highest ranges because the the Nineteen Seventies.

“In contrast to within the U.S., lease inflation in Canada has failed to chill down regardless of rental completions having reached their highest degree in many years” Shaun Hildebrand, president of Toronto actual property analysis agency Urbanation, stated in a launch. “That is illustrative of the extreme rental housing scarcity throughout the nation and the magnitude of the affect on rental demand because the inhabitants expands by a file tempo.”

As of the second quarter, Canada’s inhabitants has grown by greater than 1.2 million individuals within the previous 12 months, in keeping with the newest information from Statistics Canada. The inhabitants grew by greater than 290,000 in Q1 alone, together with over 145,400 new immigrants—the very best price of progress within the first quarter since comparable information grew to become accessible in 1972.

Alberta continues to steer the provinces in lease value progress

For the fourth straight month, Alberta posted the quickest year-over-year enhance in lease costs, which had been up 16% to $1,634. On a month-to-month foundation, lease costs had been up 3.5% from July.

Quebec noticed the second-fastest annual tempo of progress with an increase of 14% to $1,932, adopted by British Columbia, the place rents had been up 11% to $2,675.

The slowest annual will increase had been seen in Manitoba (+8.3%) and Saskatchewan (+2.7%).

Calgary overtakes Montreal with rents exceeding $2,000

Of Canada’s largest rental markets, Calgary continued to steer lease value progress, which was up 17.3% year-over-year to $2,068 a month. Montreal was an in depth second, the place costs had been up 16.4%, rising above $2,000 for the primary time.

The nation’s two costliest markets—Vancouver and Toronto—noticed annual lease will increase of 8.7% and seven.3%, respectively.

Right here’s a have a look at the year-over-year lease will increase in among the nation’s key markets:

• • Calgary, AB: +17.3% ($2,068)
  • Montreal, QC: +16.4% ($2,001)
  • Ottawa, ON: +11.9% ($2,226)
  • Regina, SK: +10.9% ($1,199)
  • Toronto, ON: +8.7% ($2,898)
  • Winnipeg, MB: +8.3% ($1,465)
  • Halifax, NS: +7.9% ($2,124)
  • Vancouver, B.C.: +7.3% ($3,316)