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Industry Hot Topics Average rent in April back to pre-pandemic highs
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he average rent in April for all Canadian properties listed on Rentals.ca was $1,821 per month, representing an annual increase of 9 per cent from a year ago and down just 1.5 per cent from 2019. The most expensive units are single-family homes, with landlords asking $2,776 per month on average compared to $2,265 for townhouses, $2,235 for condo apartments, $1,651 for rental apartments, and $1,590 for basement units.
At the national level, rental apartments, which make up the majority of the listings on Rentals.ca, experienced a month-overmonth increase of 0.3 per cent from $1,646 in March to $1,651 in April. At the provincial level, British Columbia had the highest rental rates for April, with landlords seeking $2,347 per month on average for all property types (median: $2,200), representing a monthly increase of
2.7 per cent. Ontario had the second highest rental rate at $2,093 per month (median: $2,000), while Newfoundland had the lowest at $950 per month (median: $875). Saskatchewan had one of the highest monthly changes in average rental rates, increasing by 2.3 per cent to $1,051 per month. Alberta also had a relatively high month-over-month increase in average rent, increasing by 2.1% to $1,289 per month. Condo apartments have more or less stayed the same month over month from February to April, remaining between $3.11 psf and $3.13 psf. However, the April 2022 rent level has increased by 8.7 per cent from the April 2021 average of $2.88 psf. The market had bottomed out in February of 2021 at $2.82 psf. Rental apartments have also stayed relatively steady, declining slightly from $2.24 psf in March 2022 down to $2.22 psf in April 2022. This also represents an annual increase of 3 per cent from the April 2021 average of $2.15 psf.
Hazelview supports displaced Ukrainians with housing and donations
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azelview Properties is among several rental housing providers that have banded together to support displaced Ukrainians since the war began in March 2022. To date, collective efforts by Boardwalk REIT, CAPREIT, Hazelview Properties, Homestead, InterRent REIT, Minto Apartment REIT, and Starlight Investments have helped hundreds of families impacted by the ongoing humanitarian crisis. For its part, Hazelview has provided more than 50 suites from Halifax to Winnipeg via the company’s housing support program. Additionally, team members have been stepping up to help newcomers in other ways, including collecting, storing and delivering donated items, making financial contributions, and assisting with employment searches. “My husband and I just wanted to say thank you for your help in finding a place to live,” said Kseniya, who arrived with her family in early April and has been living in a Hazelview apartment. “We love it a lot and are so happy that we were able to find such good people as you are.” To ensure the Ukrainian families continue to get the essential supplies they need, such as strollers, diapers, furniture and appliances, Hazelview recently launched a fundraiser using the GoFundMe 36 | Canadian Apartment | Part of the REMI Network |
platform. Those who donate are automatically entered into a raffle to win an original painting from Toronto artist Ric Santon. “I think this project and movement is amazing,“ said Diana Swift, a property manager with Hazelview Properties who’s helped with ongoing efforts. “It is another reason why I am so proud to be part of the Hazelview family.” “I am incredibly proud of the Hazelview team for coming together to support this program and the Ukrainians who have been hit the hardest by this conflict,” added David Melo, Managing Partner & President of Hazelview Properties. “We remain committed to supporting displaced Ukrainians arriving in Canada for as long as they require it.”
