Winnipeg’s average rents remain affordable, new report says

Source: Global News

Average rent in Canada reached $1,959 in August, topping the peak of three years ago in September 2019 by a few dollars, the report says.
The report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for 35 cities across Canada.
“Rentals.ca pageview data suggests rental demand is up by nearly 40 per cent from last August nationwide, and 70 per cent from the locked-down August 2020 marketplace,” said Ben Myers, president of Bullpen Research & Consulting.
The national average rent for all property types increased 11.1 per cent year-over-year in August and rose 16.8 per cent since the recent low of $1,676 per month in April 2021.

Winnipeg finished 30th on the list of 35 cities for average monthly rent in August for a one-bedroom home at $1,164 and for average monthly rent for a two-bedroom at $1,521.
Vancouver once again tops the list of 35 cities for average monthly rent In August.
The average monthly rent in the city for a one-bedroom home was $2,574, and the average monthly rent for a two-bedroom was $3,694.
The average monthly rent in August for a one-bedroom in the city was unchanged and up to 4.3 per cent for a two-bedroom.
Winnipeg’s average rents for condo rentals and apartments for that month were virtually unchanged year-over-year, the data shows.
The average rent increased more than 20 per cent for August in five Canadian cities, including:

• London, up 26.5 per cent to $1,979;
• Calgary, up 24.7 per cent to $1,751;
• Vancouver, up 24.4 per cent to $3,184;
• Toronto, up 24.2 per cent to $2,694
• Hamilton, up 21 per cent to $1,961.

The average rent for condo apartments was $2,312, up seven per cent over August 2021. The average rent for apartments was $1,729 per month in August, up 5.5 per cent annually.

“On a national level, average rents in August topped the pre-pandemic record high from the fall of 2019, with prospective tenants looking at properties that are $200 more expensive on average than a year earlier,” said Myers.
In Manitoba, average rents were up 0.8 per cent, to $1,396.
“Rents for the largest units in the market continue to see higher annual appreciation than smaller suites,” the report reads.
“It is possible more upper-middle class renters are in the market than in previous years because so many Canadians have been shut out of home ownership with higher interest rates.”
The average rent for single-family homes in August was $3,061 per month, up 13 per cent over August 2021.