Of 25 cities cited in the report, Dawson Creek has the lowest average rent for a one-bedroom home at $814 per month in February and $953 a month for a two-bedroom.
Dawson Creek beat out Quebec City where the average monthly rent for a one-bedroom is $856 and $1,007 for a two-bedroom. London, Ontario came in at $920 for a one-bedroom and $1,100 for a two-bedroom.
Newfoundland remains the only province in the three-figure range for average and median rents at $883 and $840.
The average and median rents for all property types in Canada have risen in each of the last three months, as demand has increased before the prime spring leasing season, according to the national rent report.
The average property listed on Rentals.ca in February was offered for rent at $1,888 per month in Canada overall, an increase of 1.8 per cent monthly from $1,854 in January. The median rent was $1,800 per month, up from $1,747 in January.
Ontario continues to hold on to the top spot for average and medium asking rents by province with an average rent at $2,197 per month and a median price at $2,100. Average and median asking rents for Ontario are about $1,000 more than the provinces of Quebec ($1,209 and $1,020), Manitoba ($1,159 and $1,076) and Saskatchewan ($1,168 and $1,150).
Other takeaways from the February rent report include:
Average rental rates continue to climb in Toronto, despite affordability concerns. A number factors have contributed to the increase in rental demand including: Rising resale condo prices, tighter mortgage credit availability, expanded rent control, reduced-unit turnover, and high population growth.
- More than 10,000 apartments have been built in the Toronto CMA over the past six months (condo and rental), which has not dampened rent growth — yet. The metro area likely needs closer to 30,000 units annually to satisfy demand, and that level of growth isn’t likely to happen in 2019.
- In Ottawa, nearly 65 per cent of Rentals.ca listings in February were available from $1,000 to $1,999 per month. About 22 per cent of the rental apartment market is comprised of one-bedroom units available from $1,000 to $1,999 per month and 20 per cent of the market is made up of two-bedroom units available in the same rent range.
“It is important when searching for a place to rent in Dawson Creek to give yourself plenty of time to score a good deal — Rentals.ca recommends starting your rental search three months in advance,” said Matt Danison, CEO of Rentals.ca.
“Less than stellar national economic data will likely put any interest rate hikes on hold for the remainder of the year, and several lenders are reducing their mortgage rates, which may induce some prospective buyers to purchase a home and relieve some pressure on the rental market,” said Ben Myers, president of Bullpen Research & Consulting.
The National Rent Report charts and analyzes national, provincial and municipal monthly rental rates and market trends across all listings on Rentals.ca for Canada.
The Rentals.ca numbers show vacated properties that better reflect current values. The figures better represent the actual rents a potential tenant would encounter when seeking to rent an apartment.
Written and released by Rental.ca
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