A new report has clarified that the asking rent for a home in Canada during March has increased by 8.8 percent compared to last year, but it has decreased from February.

According to the Urbanation report, which analyzes monthly listings from Rentals.ca, the average asking rent for all types of homes was $2181 last month.

On a monthly basis, asking rents in March decreased by 0.6 percent compared to February.

According to the report, the average asking rent for a one-bedroom unit in Canada was $1915, an increase of 11.3 percent from last year, while the average asking price for a two-bedroom unit was $2295, an increase of 10.6 percent from March 2023.

Overall, asking rents for rental apartments for this purpose rose by 12.7 percent compared to the previous year, reaching an average of $2117. The average rents for residential apartments were $2321, an increase of 3.9 percent from March 2023.

The increase in the national average occurred alongside an increase in the asking rents for purpose-built apartments and residential apartments in British Columbia, while it decreased by 1.9 percent year-on-year to $2494, with average asking rents in Vancouver declining by 4.9 percent to $2993.