(Toronto) The average asking price for a rental home in Canada hit a record high of $2,042 last month amid steadily rising interest rates, growing populations and low unemployment, a new report reveals. report.
The latest data release from specialist site Rentals.ca shows that year-over-year rent inflation was 7.5% in June, down from the double-digit growth seen during the most of 2022 and early 2023.
Rents were also up 1.4% from May, the fastest month-over-month increase for homes listed on the website so far this year.
The average cost of a one-bedroom unit was $1,780 in June, up 10.2% from the same month in 2022.
Vancouver has taken the title of Canada’s most expensive city for renters, with the average price of a one-bedroom unit at $2,945 and a two-bedroom unit at $3,863. She was followed by Burnaby, British Columbia.
Toronto ranked third with an average price of $2,572 for a one-bedroom apartment and $3,301 for a two-bedroom apartment.