A new report revealed that the average asking price for a rental unit in Canada was $2,193 per month in February, representing a 10.5 percent year-over-year jump and the fastest annual growth since September 2023.

Data released today, Monday, by Rentals.ca and Urbanation, which analyze monthly listings from official networks, show that the average monthly cost of a one-bedroom unit in February reached $1,920, up 12.9 percent from the same month in 2023. The price of a two-bedroom apartment was $2,293, up 11.3 percent year-over-year.

The report indicated that asking rents in Canada have generally increased by a total of 21 percent, or an average of $384 per month, compared to two years ago, before the Bank of Canada began raising interest rates.

Alberta maintained its position as the province with the fastest-growing rents, with the total average asking prices rising by 20 percent annually last month to reach $1,708.

British Columbia and Ontario recorded the slowest growth in February, with annual increases of 1.3 percent and one percent, respectively. However, the provinces remain the most expensive for renters in Canada, with average asking rents of $2,481 in British Columbia and $2,431 in Ontario.

Traditional purpose-built rental apartments recorded the fastest price growth year-over-year in February with an increase of 14.4 percent, with average rents reaching $2,110. Rental units with an average rent of $2,372 and apartments in houses, at $2,347, saw slower annual growth of 5 percent and 5.3 percent, respectively.