A new report says the average asking price for a rental unit in Canada reached a record $2,042 last month amid continued interest rate hikes, population expansion and low unemployment. Real estate signage showing an apartment for rent is seen on Monday, May 15, 2023 in Montreal.THE CANADIAN PRESS/Christinne Muschi
TORONTO – A new report says the average asking price for a rental unit in Canada reached a record $2,042 last month amid continued interest rate hikes, population expansion and low unemployment.
Rentals.ca’s latest data release shows year-over-year rent inflation for June was 7.5 per cent, below the double-digit growth seen for most of 2022 and early 2023.
Rents also rose 1.4 from May, marking the fastest month-over-month increase for units listed on the website so far this year.
The average cost of a one-bedroom unit in June was $1,780, up 10.2 per cent from the same month in 2022.
Vancouver led the way as Canada’s priciest city for renters, with the average one-bedroom unit listed at $2,945 and a two-bedroom at $3,863, followed by nearby Burnaby, B.C.
Toronto ranked third at $2,572 for a one-bedroom and $3,301 for a two-bedroom.
This report by The Canadian Press was first published July 13, 2023.
