According to a report by Urbanation, the average asking rent for homes in Canada rose by 8.8% in March compared to the previous year, totaling $2,181. However, it dipped by 0.6% from February.

One-bedroom units averaged $1,915 (up 11.3%), and two-bedroom units were $2,295 (up 10.6%) from March 2023. Purpose-built rental apartments saw a 12.7% increase to $2,117, while condominiums averaged $2,321, up 3.9%. The federal government, responding to renters’ financial strain, pledged a renter’s bill of rights. This initiative aims to ensure fair pricing disclosure by landlords and considers rental payment history for credit scores, aiding first-time homebuyers.

Despite the national rise, British Columbia witnessed a 1.9% decrease, averaging $2,494, while Ontario saw a 0.4% increase to $2,410. Alberta and Saskatchewan had the highest rent growth, up 18.3% and 18.2%, respectively. In Vancouver, rents dropped by 4.9% to $2,993, and Toronto experienced a 1.3% decline to $2,782, marking the third consecutive annual decrease. Edmonton saw the strongest city rent growth at 15.9%, averaging $1,507 in March.