Students returning to on-campus learning in major metropolitan areas<\/li>\n<\/ol>\nAccording to the Canada Mortgage and Housing Corporation (CMHC), the national average rent for a two-bedroom apartment was $1,258 in 2022 \u2013 up by 5.6 per cent from last year, and well above the average increase of 2.8 per cent seen between 1990 and 2021.<\/p>\n
Toronto and Vancouver are the most expensive markets in the country, with average rents of $1,779 and $2,002 respectively.<\/p>\n
Low-income renters were affected the most by the sudden upticks in rental prices. Affordable rental units are hard to come by \u2013 accounting for much less than 20% of the available rental stock.<\/p>\n
As rental prices surged across the country, more tenants decided to stay put in order to avoid higher costs. Rental turnover rates decreased to 13.6 per cent in 2022 from 15.5 per cent in 2021.<\/p>\n
These figures aren\u2019t surprising, considering CMHC\u2019s evidence that turnover has a huge effect on the price of rental housing. Per the firm, the average rent increase for a 2-bedroom apartment that turned over to a new tenant was around 18.3 per cent \u2013 whereas tenants who chose to stay in their rental units only faced rent increases of 2.6 per cent.<\/p>\n
In 2022, Montreal had the largest share of affordable rental units, mostly due to its older and smaller structures, larger overall rental stock and possibly more individual owner-landlords.<\/p>\n
Rental condominiums made up 19.3 per cent of the total rental stock across Canadian cities, with Vancouver leading the charge at 42.5 per cent condominium rental stock.<\/p>\n
Calgary and Toronto also showed high levels of condo rentals (over 30 per cent), while Montreal boasted a modest 6.7 per cent.<\/p>\n
The average cost of a two-bedroom condo rental was much more expensive than the average apartment, clocking in at $1,930 per month.<\/p>\n