A brand new report says the asking hire for a house in Canada in March was up 8.8% in contrast with a 12 months in the past, however down from February.

The report by Urbanation, which analyzes month-to-month listings from Leases.ca, says the typical asking hire for all dwelling varieties was $2,181 final month.

On a month-over-month foundation, asking rents in March had been down 0.6%.

Based mostly on the report, the typical asking hire for a one-bedroom unit in Canada was $1,915, up 11.3% from a 12 months in the past, whereas the typical asking value for a two-bedroom was $2,295, up 10.6% from March 2023.

General, asking rents for purpose-built rental residences in March elevated 12.7% in contrast with a 12 months earlier to achieve a mean of $2,117. Condominium house rents averaged $2,321, up 3.9% from March 2023.

The federal authorities has vowed to deal with the rising monetary strain renters are dealing with. Late final month, Prime Minister Justin Trudeau introduced a invoice of rights for renters, amongst different helps.

The invoice of rights, to be developed and applied in partnership with provinces and territories, would require landlords to reveal a transparent historical past of house pricing “so renters can discount pretty.”

The measures would additionally ensure rental cost historical past is taken under consideration on credit score scores, giving first-time consumers a greater probability at getting a mortgage with a decrease rate of interest.

The rise within the nationwide common got here as the typical asking rents for purpose-built and condominium residences in B.C. fell 1.9% year-over-year to $2,494.

Ontario had the second highest common asking rents final month, edging up 0.4 per cent from March 2023 to achieve $2,410.

Alberta and Saskatchewan posted the fastest-growing rents, with complete common asking costs up 18.3% and 18.2% yearly final month, respectively, to achieve $1,728 and $1,297.

On a municipal foundation, common asking rents in Vancouver moved down 4.9% to $2,993 final month. Whereas Vancouver rents stay the very best amongst Canada’s largest cities, it marks the primary time since July 2022 that they fell beneath the $3,000-level.

Toronto’s common rental costs additionally declined 1.3 per cent to $2,782, representing the third consecutive month of annual hire declines.

The strongest hire progress amongst Canada’s largest cities was in Edmonton, reaching a mean of $1,507 in March — a 15.9% achieve from the identical month in 2023.