The cost of renting an apartment in Canada is treacherous, and new data shows it’s continuing to get more expensive.
The latest data from Rentals.ca shows that the average price of rent across all property types in Canada was a whopping $2,174 in November.
This number follows a record high of $2,178 set back in October, with a 0.2 per cent month-over-month decrease.
However, Canadian rents saw significant annual increases for the third month in a row. The average asking rents increased 8.4 per cent year-over-year in November, following an annual growth of 9.9 per cent in October and 11.1 per cent in September.
Prices for one-bedroom units saw the largest increases, hitting an average of $1,943 in November, up 13.6 per cent year-over year. However, this wasn’t as large as the 14.1 per cent annual increases seen in October and 15.5 per cent in September.
When it comes to larger units, the average price of a two-bedroom apartment in Canada saw an increase of 11.2 per cent year-over-year, hitting an average of $2,324 in November. That is down from the 13.1 per cent year-over-year increase recorded in September and 11.8 per cent growth in October.
Taking on a roommate also isn’t the affordability solution it used to be. Data shows that asking rents for people living in shared accommodation in B.C, Alberta, Ontario and Quebec grew just over 16 per cent in the last year, hitting a record-high average of $960.
Locally, listed rental rents for roommates in Ontario grew 10.6 per cent in the past year, hitting an average of $1,067. In Toronto, the average roommate rent hit $1,322 a month, while Ottawa’s averaged at $962.
GTA RENTS GO DOWN, BUT ARE STILL HIGH
Toronto’s average apartment rental rates actually went down for a second straight month in November by 2.4 per cent to $2,913, compared to the same time last year. Meanwhile, average rents increased 0.2 per cent month-over-month.
Rent for a one-bedroom unit in Toronto was actually down two per cent year-over-year, with the average rent sitting at $2,549/month.
The average price to rent a two-bedroom was up slightly, with a 1.5 per cent increase compared to the same time a year ago, landing at $3,450/month.
Across Ontario, the average rent across all property types was $2,513 in December, up five per cent compared to the same time the year before. Ontario was also home to some of Canada’s 25 most expensive small and medium-sized markets in December.
Spots five through 12 on the list were all snagged by municipalities in the Greater Toronto Area. Oakville saw the highest with an average rent of $2,963, followed by Richmond Hill at $2,946, and Etobicoke at $2,690.
