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Posted November 30, 2022

Is the News Telling You The Full Truth About The Rental Market?

Today, we are hearing time and time again that rental rates are increasing. While true in some regard, we aren’t looking at the full picture.

Note: This analysis examines the average price across all property types and does not account for the breakdown based on dwelling and location.

Examine the Pre-Covid vs. Post-Covid Picture

There have been plenty of articles lately stating an economic surge in rental prices. According to, rent has increased 12% from Q4 in 2021 to 2022. At first glance this may seem astronomical and absurd, but don’t let this get in your head. Rent is stabilizing from Covid prices to match pre-Covid prices. 

To simplify this, think of it like Black Friday shopping. Prices may suddenly drop by 50% for a sale (i.e., Covid rent prices). However, once the sale is over, the products will once again stabilize and return to their “normal” price (i.e., what we are seeing in the market now). The news may portray this as “prices have doubled,” but really, they are returning to their market valuation. Data

According to, in June 2021 the average rent in Canada (across all property types) was $1721. In June 2022, the average rent was $1885; a 10% increase year-over-year. However, in June 2019, average rental rates across Canada were $1953 and $1770 in 2020. Meaning, 2022 rental rates are still 3.5% below what they were in 2019. 

July showed similar metrics. In July of 2021, the average rent across Canada was $1649 (across all property types). In July 2022, the average rent increased to $1799. However, in 2019 the average price for a rent in Canada was $1927 and $1721 in 2020. Meaning, July 2022 prices were still 6.6% below its comparative 2019 prices.

In August we began seeing a different picture; one more reflective of the Canadian economic status with inflation and rising interest rates. In August 2022, the average rent across Canada was $1959. Comparatively, rents in August in 2021 were $1763, in 2020 they were $1769 per month, and $1914 per month in 2019. Meaning, in August 2022 we saw the first increase of 2.4% against 2019 rental prices.

September followed similar patterns to that of August. In September we saw rental prices spike against their 2019 counterpart. In September 2022, the average rent across Canada was $2043 (across all property types); up 4.3% from August 2022. However, comparative rents in September showed $1954 per month in 2019, $1769 in 2020 and 2021. September 2022 rental rates were up 4.6% against its 2019 rates.

October’s rental prices indicate similar year-over-year trends, but it’s month-over-month price decreased by 3.3% from September 2022 to October 2022. In October 2022, the average rent across Canada was $1976 (across all property types). Comparatively, rents in October 2021 were $1800 per month in 2021, $1782 in 2020, and $1933 per month in 2019.







$     1,953 

$     1,770 

$     1,721 

$     1,885 


$     1,927 

$     1,721 

$     1,649 

$     1,799 


$     1,914 

$     1,769 

$     1,763 

$     1,959 


$     1,954 

$     1,769 

$     1,769 

$     2,043 


$     1,933 

$     1,782 

$     1,800 

$     1,976 

Inflation is Good for Real Estate Investors

Inflation has great opportunity for real estate investors?! You heard that right!

Here’s the situation… Low interest means you can acquire more real estate at a reduced cost – your cost of borrowing decreases. High inflation means things are getting more expensive and less affordable. Higher interest reduces your borrowing ability, which reduces your cash flow on investment properties.

But we are forgetting about tax deductible expenses – also known as interest. For investment properties with higher interest, it could increase your bottom line (net profit) as less taxes are deducted. 

This is a potential scenario. High interest rates can be a wonderful opportunity!

Learn more on our podcast, here:


When the economy takes a dip (i.e., the pandemic), it is inevitable that prices will steadily incline as the economy heals. That is what is happening right now. Rent is still considered “discounted” against 2019 prices in some areas of Canada, but “appreciated” in other areas. However, 2022 rates appear inflated when compared against 2020/2021 rental rates. 

Reach out to your local Real Property Management office today! Whether you are a tenant or investor, we can walk you through the insights we are noticing in our local market.