Although the average rent for newly listed suites in Hamilton, Ontario, Canada hit an all-time high, it was down 6% compared to the same period last year.
The latest May data from Rentals.ca, a Canadian rental information tracker, shows that the average rent across the country for all residential types hit an all-time high of $2,202 in May.
Last month, the national average price of a bachelor suite rose 15.7%, driving rents up 9.3% year-over-year.
Apartment rents in Vancouver and Toronto fell 4% and 1% year-over-year in May, respectively.
Edmonton had the biggest rent increases among Canada's largest cities, with an annual increase of 14.6 per cent, nearly double the rate of neighbouring Calgary.
Emails needed on the day
Top news from Canada and around the world.
Still, rents in Cowboys are much higher, with one-bedroom suites costing about $1,700 in May, compared with $1,367 in Edmonton.
“Canada’s rental market is entering its peak summer season and continues to be strong,” said Shaun Hildebrand, President of Urbanation.
“Markets such as Vancouver and Toronto, which experienced rent declines in previous months, have stabilized near all-time highs, while many mid-sized and smaller cities in the country are still seeing double-digit rent increases.”
Ontario purpose-built building and apartment rents rose about 1 per cent in May after a small decline in April, with single-family rentals up 2 per cent.
Overall, prices for one- and two-bedroom homes in Hamilton fell by about 5 to 6 per cent.
Currently, a new one-bedroom rents for an average of $1,822 per month, while a new two-bedroom typically rents for $2,170.
Barrie saw the biggest year-over-year drop of 11%, with a new one-bedroom renting for about $2,024 per month.
Toronto's metropolitan area has the highest rental prices in Ontario for all types of rentals, with studios costing about $2,000 per month and three-bedrooms costing just over $3,700.
Compared to a year ago, rents for shared accommodation in Toronto have dropped by about 3.2 per cent, from $1,299 per month to an average of $1,257 per roommate.
The average roommate rent in Ontario is about $1,069 per month.
