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Average rents across Canada are now up 32% from their pandemic lows.

The average asking rent in May was $2,202, up $200 from the previous month and 9.3% from a year ago, according to the latest monthly report from Rentals.ca.

Rent prices have been climbing steadily in recent years, rising $540 or 32% since hitting their low of $1,662 in April 2021.

“Canada’s rental market is entering the peak summer season with continued strength,” said Shaun Hildebrand, President of Urbanation, which co-released the report.

“Markets such as Vancouver and Toronto that had experienced some softening in rents in previous months are stabilizing near record highs, while many of the country’s mid- and small-sized cities are still posting double-digit rent increases,” he added.

The Rentals.ca report noted that rents have averaged an annual growth rate of 9.1% over the past three years. However, when incorporating the declines experienced in 2020 and 2021, the five-year average growth rate is more moderate at 4.7%.

Saskatchewan led the provinces in rent price growth

Provincially, rents increased the most in Saskatchewan, up 21.4% to $1,334. Alberta and Nova Scotia weren’t far behind with average year-over-year increases of 17.5% and 17.1%, respectively.

Quebec was the only province to record a month-over-month decline in apartment rents during May, dipping 0.6% from April to an average of $1,999.

At the municipal level, Regina led rent price growth, with an annual rise of 22% to $1,381.

Among mid-sized markets, Quebec City and Waterloo topped the list, with average annual rent increases of 20% and 19%, respectively.

Source: Canadian Mortgage Trends