The return of university and college students and a rise in immigration is driving demand for rentals in the capital, says Shaun Hildebrand, president of market research firm Urbanation. Students, immigration drives demand, researcher says Ottawa had the highest month-over-month increase in asking rents among major Canadian cities, up 4.5 per cent in August from July. The average asking rent in Montreal in August was $2,001, the first time the average annual rent surpassed $2,000, according to Rentals.ca. Vancouver has the highest asking monthly rent in Canada at $3,316 a month, followed by Oakville at $3,007 and Toronto at $2,898. The average asking monthly rent has increased $120 a month in Ottawa since May. "Over the last three-month period between May and August, asking rents in Canada have increased by 5.1 per cent or by an average of $103 per month," Rentals.ca says in its monthly report. Rentals.ca says the average asking rent in Canada reached a record $2,117 in August, up 1.8 per cent from July and a 9.6 per cent increase from August 2022.
#AVERAGE MONTHLY COST OF A 1 BEDROOM APARTMENT DOWNLOAD#
The information you need to know, sent directly to you: Download the CTV News AppĪ bachelor apartment cost $1,686 a month, a two-bedroom apartment rented for an average of $2,535 a month, while a three-bedroom apartment rented for an average of $2,789.
The average cost to rent an apartment was $2,226 a month in Ottawa in August, up 11.9 per cent from August 2022. The average asking rent for a one-bedroom apartment increased from $1,979 in July and $1,925 in May. New statistics from Rentals.ca show the average rent new tenants were asked to pay for a one-bedroom apartment in Ottawa last month was $2,063 a month, up 11.5 per cent from one year ago. The cost to rent a one-bedroom apartment surpassed $2,000 a month in Ottawa in August, as the average asking rent reached a record high across Canada.
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