A brand new report says the common asking value for a rental unit in Canada was $2,193 per 30 days in February, marking a ten.5% soar year-over-year and the quickest annual development since September 2023.

The information launched Monday by Leases.ca and Urbanation, which analyzes month-to-month listings from the previous’s community, exhibits the common month-to-month price of a one-bedroom unit in February was $1,920, up 12.9% from the identical month in 2023. The typical asking value for a two-bedroom was $2,293, up 11.3% yearly.

The report says asking rents in Canada have elevated total by a complete of 21%, or a median of $384 per 30 days, from two years in the past, simply earlier than the beginning of rate of interest hikes by the Financial institution of Canada.

Alberta maintained its standing because the province with the fastest-growing rents, with whole common asking costs up 20% yearly final month to achieve $1,708.

British Columbia and Ontario posted the slowest development in February, with annual will increase of 1.3% and 1%, respectively. However the provinces stay Canada’s costliest for renters, with whole common asking rents of $2,481 in B.C. and $2,431 in Ontario.

Conventional purpose-built rental flats posted the quickest year-over-year value development in February with a 14.4% improve, as rents averaged $2,110. Condominium leases, with a median hire of $2,372, and flats in homes, at $2,347, had slower annual development of 5 per cent and 5.3%, respectively.

This report by The Canadian Press was first revealed March 11, 2024.