Ottawa rental, condo prices increase to double digits: report
Posted Sep 17, 2022 09:45:00 PM.
Canada's average rent prices have increased over the last three years according to a recent report.
According to the latest figures from rentals.ca and Bullpen Research and Consulting, the average rent in the country increased by 11.1 per cent annually and rose 16.8 per cent since reaching it's recent low of $1,676 per month in April 2021.
Average rent prices in the country reached $1,959 in August of 2022 topping the peak in September 2019 by a few dollars.
Ottawa came 12th on the list of 35 cities with an average of $1,820 per month for a one-bedroom, up by 13.9 per cent and $2,230 for a two-bedroom, up by 11.2 per cent.
Gloucester ranked 21st on the list with an average monthly rent of $1,621 for a one-bedroom and $2,126 for a two-bedroom.
Year over year, the average monthly rent in August for a one-bedroom in Gloucester was down 2.4 per cent and down 4.5 per cent for a two-bedroom.
Across the river, Gatineau ranked 24th on the list for average monthly rent for a one-bedroom at $1,529 and 27th and $1,835 for a two-bedroom.
The statistics show that the average rent in August for condo rentals and apartments in Ottawa was up 8.8 per cent to $1,965, and average rent in August for condo rentals and apartments in Gatineau was up 3.8 per cent to $1,691.
The average listing on rentals.ca is nearly $200 more expensive than a year ago.
In Ontario, the average rent for all property types rose 16 per cent year over year in August to $2,367 and also experienced strong rent growth in 2019, but during the pandemic, rents in the province plummeted.
Rents for two-bedroom apartments in Ontario declined by eight per cent from August 2019 to August 2020.
This August, two-bedroom apartments in Ontario have increased by 13 per cent annually, while one-bedroom apartments have increased by eight per cent.
But one-bedroom rental apartments had a lower rent in Ontario in August ($1,956 per month), in comparison to three year earlier ($2,052 per month).
Ben Myers, the president of Bullpen Research and Consulting, told The Rob Snow Show on Sept. 20 that the rental market has completely recovered from pandemic declines.
In late 2020 and early 2021, the rental market saw a 10 per cent decline, and now, it's up 11 per cent year over year, which he added is a new high for rental rates across the country.
“I don't think we have seen anything like this in a long time,” he said.
Listen to the full interview with Ben Myers below: