Canada-wide rents experienced a 0.8 per cent month-over-month increase and a rather significant 7.0 per cent year-over-year increase. Photo Credit: iStock.
The average one-bedroom rent in St. Catharines was up 2.9 per cent month-over-month to $1,728 in June 2024, according to the latest Rentals.ca market update.
However, one-bedroom rents are up just 0.9 per cent year-over-year from June 2023.
Meanwhile, a two-bedroom unit in St. Catharines costs an average of $1,964, which is up 1.6 per cent from the previous month and down 1.4 per cent from last year.
For Canada-wide numbers, the report notes, “Average asking rents for all residential property types in Canada increased 7.0 per cent from a year ago to an average of $2,185 in June, representing the slowest annual rate of growth in 13 months.”
Canada-wide rents experienced a 0.8 per cent month-over-month increase and a rather significant 7.0 per cent year-over-year increase.
Out of all the Canadian listings examined Rentals.ca report, the average for a zero-bedroom studio for June was $1,613, a one-bedroom was $1,918, and the two-bedroom average was $2,301.
Therefore, the average one-bedroom and two-bedroom rents in St. Catharines are below the Canada-wide average.
Regarding rankings, St. Catharines is the 24th most expensive city to rent a one-bedroom unit out of the 35 cities examined.
The report notes that condo studios were the only housing type to record a Canada-wide annual decline in asking rents in June.
Meanwhile, purpose-built studios rents experienced the fastest annual growth of 14.6 per cent in June, indicating that Canadians are in the market for smaller rentals to help offset the rapid increase in overall rent prices.
Purpose-built units are those in properties that are built specifically for rental or long-term tenancy and usually include amenities such as fitness areas, swimming pools, and communal spaces.
The report also notes that Ontario was the only province to record a year-over-year decline in apartment rents in June, down one per cent from May to an average of $2,146.
Meanwhile, apartment rents soared in Saskatchewan (+22 per cent), Alberta (+16 per cent) and Atlantic Canada (+16 per cent).
The five most expensive cities of the 35 examined in the report include two in British Columbia (Vancouver and Burnaby) and three in Ontario (Toronto, Mississauga and North York).
The five most affordable cities of the 35 examined in the report include one in Newfoundland and Labrador (St. John’s), two in Alberta (Fort McMurray and Edmonton) and two in Saskatchewan (Saskatoon and Regina).
The other Niagara Region city included in the analysis is Niagara Falls. Niagara Falls ranks as the 26th most expensive one-bedroom unit rent with an average of $1,649, while the average two-bedroom unit was $2,013.
The data used in the Rentals.ca analysis is based on monthly listings from the Rentals.ca Network of Internet Listings Services (ILS).
The rankings and report are written by real estate research firm Urbanation.
The Rentals.ca Network of ILS’s data covers both the primary and secondary rental markets and includes basement apartments, rental apartments, condominium apartments, townhouses, semi-detached houses, and single-detached houses.
Jay Goldberg is the Ontario Director at the Canadian Taxpayers Federation. He previously served as a policy fellow at the Munk School of Public Policy and Global Affairs. Jay holds a Ph.D. in Political Science from the University of Toronto.
