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The average monthly rent for an one-bedroom in Vancouver rose 13.2 per cent to 2176 yuan from December 2020 to December 2021, the report said. The rent for a two-bedroom in Vancouver is C $2983, an increase of 9.7% compared with December 2020. Rents for two-bedroom apartments in Toronto rose 11.64% during the year. However, the biggest increase in two-bedroom rents was in Gatino, Quebec, where rents increased by 18 per cent.
The average rent for an one-bedroom apartment in Canada has risen by 2.73%, and the rent for a two-bedroom apartment has risen by 3%.
The report says rents fell in the first year of the COVID-19 epidemic, but have now recovered.
The lowest point was in April 2020, a month after Canada announced the outbreak, down 9% from December 2019.
“it is too early to tell whether Omicron will have a long-term deflationary impact on the rental market, but Bullpen Research & Consulting and Rentals.ca still believe that rents in major Canadian markets will rise significantly in 2022,” said Ben Myers, president of Bullpen Research & Consulting.
Also in the past year, the average rent for an one-bedroom in Victoria has risen by less than 1 per cent to 1566 yuan a month.
The national rent report reflects all rentals.ca listings in 35 cities across Canada and analyzes monthly, quarterly and annual rents and trends in the national, provincial and municipal rental markets.
Zumper, a rental website, recently released its own monthly rent report.
In January, the rent for an one-bedroom apartment in Vancouver was 2130 yuan, while Toronto, in second place, was 1850 yuan. As for the two-bedroom, the average price in Vancouver is 3050 yuan, 27% higher than the 2400 yuan in Toronto.
Victoria, the provincial capital of BC, ranked third, with an average rent of 1840 yuan for an one-bedroom apartment and 2300 yuan for a two-bedroom apartment.
In more than half of the top 10 cities, one-bedroom and two-bedroom rooms are growing at double-digit annual rates, suggesting that demand for higher prices is picking up.
Zumper tracks the median rent of all currently rented or vacant homes, excluding those that have already been rented.
The hot property market is reflected not only in rents, but also in housing prices.
The Canadian Real Estate Association (CREA) house price index rose 26.6% in the 12 months of last year, the fastest annual increase on record, according to CBC.
The Canadian Real Estate Association, which represents more than 100000 real estate agents, reported sales of homes listed on MLS and said inventories of homes for sale hit an all-time low at the end of this month.
After a few weeks of suspension at the beginning of the epidemic, Canada’s property market has been in an absolute frenzy for the past two years, with demand from buyers looking to take advantage of the lowest interest rates to far outstrip supply.
This imbalance is a major factor leading to rising prices. Things are scarce and expensive, and buyers have to bid higher and higher to grab the house.
Several experts say parts of Canada are showing signs of a speculative bubble, while CREA says the biggest reason for the sharp rise in house prices is that there are not enough homes available for sale.
Shaun Cathcart, chief economist of CREA, said: “Canada currently has the lowest number of properties listed for sale in the world.”
CREA said the average price of a Canadian house sold on MLS in December was 713500 yuan. It is below the record high of 720000 yuan in November, but it is still up sharply from the same period last year.
However, high prices do not seem to slow demand, as 2021 is the busiest year for home sales ever. Last year, about 666995 residential properties were traded on MLS, surpassing the previous annual record of 20 per cent.
Rishi Sondhi, an economist at TD Bank, said that the supply of homes for sale this month is less than two months, which means that at the current rate of sales, all homes will be sold out in less than two months. Under normal circumstances, the market has at least five months of inventory, Sondhi said. The imbalance between supply and demand is the main factor contributing to the eye-popping price rise.