The city also finished 26th on the list for average monthly rent for a one-bedroom home at $1,167 and 18th for average monthly rent for a two-bedroom at $1,789.
According to the March National Rent Report from Rentals.ca and Bullpen Research & Consulting, the national average rental rate dropped three per cent month over month and 3.4 per cent year over year.
Toronto led all 38 cities on the list for average monthly rent in February for a one-bedroom home at $2,240 and a two-bedroom at $2,910.
Toronto had the highest average monthly asking rent ($2,322) for only rental apartments, with Vancouver close behind ($2,155), while Saskatoon had the lowest ($985).
Rents are up by four per cent annually in Toronto to $2,524 per month for all property types; rents are up 15 per cent in Vancouver to $2,334 per month, while rents in Montreal are up 31 per cent annually to $1,708 per month.
Toronto is up 16 per cent year over year for asking rents for only rental apartments in February.
Average rent per square foot in certain areas of Toronto in February shows the highest in Yorkville and Annex at $5.11 per square foot, two of the city’s most exclusive areas. Year over year, the largest increase in average rent per square foot was 4.6 per cent to $4.07 per square foot in South Core and Central Harbourfront.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for Canada. This month’s report charts rents for 38 cities across Canada.