Rents – Allowable & Asking Allowable Guideline Increases 2021 BRITISH COLUMBIA Residential Tenancies – 0% Manufactured Home Tenancies (Mobile Home Parks) – 0% plus a proportional amount for the change in local government levies and regulated utility fees. Some increases above the guideline are available.
BC brought in a “rent freeze” because of the pandemic, and extended the freeze to the end of 2021. It is not a complete rent freeze, because a few situations allow an increase above the guideline of 0%, but qualifying is extremely difficult.
ONTARIO Residential Tenancies – 0% Manufactured Home Tenancies (Mobile Home Parks) – 0%
MANITOBA Residential Tenancies – 1.6%
PRINCE EDWARD ISLAND Residential Tenancies Oil heat – 1.0% Tenant pays for heat – 1.0% Manufactured Home Tenancies (Mobile Home Parks) – 1.0%
Some increases above the guideline are available for both residential tenancies and mobile home sites.
ONTARIO brought in a “rent freeze” because of the pandemic, but the rules allow application for above guideline (rent) increases --- AGIs, for major repairs. Subject to media pushback from tenants, such applications can proceed normally, and may apply to 10 to 15% of rental units, as they usually do, providing up to 3% to pay for major repairs over time.
NOVA SCOTIA Residential Tenancies - 2.0% Manufactured Home Tenancies (Mobile Home Parks) – 2.0%
In Quebec, there is no exact equivalent to the guideline as it is used in BC, Ontario, Manitoba and PEI. The government does not set a rent increase that a landlord can charge without any specific approval. Instead, if tenants challenge the rent increase notice that the landlord gives them, the Régie du Logement (the Quebec Rental Board) applies a set of standard cost increases to the specifics of each rental building. The calculation is based on actual increases in municipal taxes and insurance, and inflationary percentage increases applied to other costs such as heating and services. The other provinces do not limit rent increases.
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Rents – Allowable & Asking National Rental Rates The average rent for all Canadian properties listed for rent on Rentals.ca in April 2021 was $1,675 per month, an annual decline of 9% and a monthly decline of 1%. The median rental rate was $1,600 per month in April, a 13% decrease from a year earlier, and a monthly decline of 2%.
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Conclusion The average rent in Canada declined month over month, but because of the shifting composition of national listings, this doesn’t tell the full story. Average rental rates increased month over month in British Columbia, Ontario, Alberta and Quebec, suggesting the market might have turned a corner with increased tenant demand. House prices have risen across the country despite the pandemic, and some prospective buyers have given up their search due to the frothy market conditions. The third wave of COVID-19 continues to wreak havoc in certain areas of the country, but that has not stopped tenants from trying to get into the rental market before rents move back to pre-COVID levels. Rental rates might be increasing in several provinces and municipalities, but rental incentives are still prevalent at the top of the market, as the luxury apartment market has yet to recover.
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theANNUAL, theANNUAL National, Allowable & Asking Rents, Rental Rates