B.C.’s average rent the highest in Canada after climbing 15 per cent annually

Mar 16, 2022 | 10:53 AM

British Columbia continued to have the highest average rental rates in the country in February.

Data from Rentals.ca’s Rent Report showed B.C. having an average rent of $2,253 for all property types last month.

That marks an increase of $72, or 0.03 per cent, from the province’s average rental rate of $2,181 in January of 2022.

The increase reflects a 15.3 per cent change since February of 2021, when the average rent was recorded at $1,954.

B.C.’s average rent this past February was also 19.5 per cent higher than the rate in February of 2020, before the COVID-19 pandemic took hold of the province.

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It was noted that Vancouver saw average rent jump by 23 per cent year-over-year, while Victoria’s rent rose 22 per cent, which contributed to the increase in the average provincial rent rate. Vancouver had the highest annual increase of any city in Canada in February.

The report did not include specific data for any community in the Okanagan.

B.C. had the highest rate in Canada this past February with Ontario taking the second spot at $2,118, followed by Quebec at $1,685. Newfoundland and Labrador had the lowest average rent for all property types at $952.

Canada as a whole had an average monthly rental rate for all property types of $1,820 in February. That reflects a 6.1 per cent annual increase from the average of $1,714 last February. It also marks an increase of $13, or 0.007 per cent from January 2022.

This is the sixth month in a row that Rentals.ca saw Canada’s average rental rates increased, following 16 consecutive months of annual decline.

The report noted that average monthly rent for condos across Canada rose 16.1 per cent annually to $2,269 in February, while townhouse rent rose 13.8 per cent to $2,216.

Average rent for studios, one-bedroom, two-bedrooms, three-bedroom and four-bedroom homes across Canada all rose on a year-over-year basis with three-bedroom units seeing the largest annual increase of 9.8 per cent to $2,337.

The average rental rates is based on available rental properties listed on Rentals.ca‘s website during the month in question.

by Liam Verster

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