With Canada's rent now higher than ever, Sask. is seeing some of the largest increases

With Canada’s average rent now higher than it has ever been, significant year-over-year increases in Saskatchewan are being seen as a major factor.

According to a report published by Rentals.ca and Urbanation on Thursday, Saskatchewan’s average rent rose 21.4 per cent between May 2023 and May 2024. Higher than any other province.

The average asking rent in Saskatchewan for “purpose built condos and apartments” was $1,334 in May 2024, according to the report. 

In Regina the average rental price in May 2024 was $1,381. That included $937 for an apartment or condo with zero bedrooms, $1,263 for a one bedroom, $1,524 for a two bedroom and $1,877 for a three bedroom. That represented a total year-over-year increase of 22 per cent, the report shows. 

Saskatoon saw a slower year-over-year increase at 16 per cent. The average rent in Saskatoon in May 2024 was $1,364. Rent for a condo or apartment with no bedrooms averaged at $1,045, that increased to $1,260 for one bedroom, $1,434 for two bedrooms and $1,790 for three bedrooms.

Alberta and Nova Scotia saw the next highest annual increases at 17.5 per cent and 17.1 per cent, the report indicates.

Lloydminster saw the highest year-over-year increase in all of Canada for mid-sized markets at 29.3 per cent.

Last month the average rental price in Canada surpassed $2,200, to a new record high.

The report found that the national average monthly asking price for all residential units increased by more than nine per cent year-over-year to a record $2,202 in May.

Vancouver and Toronto continue to lead the way for the average rental price in Canada at $3,008 and $2,784 in May 2024.

The full report from Rentals.ca and Urbanation can be read here.

-- With files from Daniel Otis and Charlie Buckley.