Rentals.ca recently released its monthly National Rent Report and declared that bidding wars have started once again for both Vancouver and Toronto properties, but the average rent across the country was relatively flat.
The report noted that the average rent for all property types listed on Rentals.ca across Canada was $1,721 per month in June 2021. This represents a month-over-month increase of 0.7%, while also representing an annual decrease of 2.7%. The median rent in June 2021 was $1,649 per month, which represents a year-over-year decrease of 3.0%.
“As employees get called back to the office, and colleges and universities announce their reopening plans, demand has increased significantly in central locations, especially in Toronto and Vancouver where bidding wars are being reported again for rental properties,” said Ben Myers, President of Bullpen Research & Consulting. “The luxury rental market is returning, pulling average rental rates up with it.”
The average monthly rental rate for condo apartments have also experienced increases since the start of this year. Condo apartments jumped from $1,983 per month in January 2021 up to $2,032 per month in June 2021, representing an increase of 2.5 percent (still down 8.3 percent year over year).
There were 35 cities compiled data for Rentals.ca in this report, Vancouver held onto its first place position as the country’s priciest city. In July, the average cost of a one-bedroom rental was $2,185. Two-bedroom rentals climbed 10 percent $3,041.
The average Toronto rental prices of one-bedroom rentals slightly rose to $1,855, while the two-bedroom rental prices increased to $2,606.
The average rental price across Canada increased for a third consecutive month in July to $1,752.