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By Liam Verster

$2,200 in March

B.C.: Home of the highest average rent in Canada

Apr 21, 2022 | 11:27 AM

British Columbia continues to lead the country with the highest average rental rates.

Rentals.ca reports the average rental rate in British Columbia was $2,200 in March. That represents a 18.9 per cent annual increase.

Though it does mark a year-over-year increase, the figure from March was down from B.C.’s average rent of $2,253 in February.

At $2,200, B.C. had the highest rental rates in Canada, followed by Ontario at $1,995, and Northwest Territories at $1,810.

New Brunswick had the largest annual increase at 21.7 per cent, followed by B.C., then Nova Scotia at 15.1 per cent.

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Average rental rates for March 2022 and the annual change. (Graphic courtesy of Rentals.ca)

Both Manitoba and Newfoundland and Labrador saw their average rents decrease year over year by 0.8 per cent and 2.2 per cent, respectively.

As of March, Newfoundland had the cheapest rental rates at $875, followed by Saskatchewan at $976 and Alberta at $1,200.

The report did not include figures for the Yukon or Nunavut.

Canada as a whole marked a 6.6 per cent annual average rental rate hike, climbing to $1,818. That figure is virtually the same as the $1,820 average rent reported in February.

The report also found that in the first quarter of 2022, B.C. had the highest average rent per square foot for all property types.

Average rent per square foot in the first quarter of 2022 (graphic courtesy of Rentals.ca)

The Yukon, Northwest Territories and Nunavut were not included in the report’s findings on price per square foot.

The report did not include any specific figures for Vernon or the Okanagan, but did note that Vancouver had the biggest annual increase in average rent in Canada, climbing 29.9 per cent to $2,925 in March. London, Ont. had the second highest annual increase at 18.3 per cent (to $1,790) followed by Hamilton, Ont. at 15.9 per cent ($1,892).

It was also noted that Vancouver had the highest rental rates in Canada, followed by Toronto ($2,326), Etibicoke, Ont. ($2,131) and Missisauga, Ont. ($2,118).

The figures in the report are based on the available properties listed on Rentals.ca over the course of the month.