Canadian Rent Prices Soar to Record High: Report



The latest rental price report reveals that the average asking price for a rental unit in Canada reached a record high of $2,178 last month, marking a 9.9 per cent year-over-year increase. This trend has seen asking rents hit new highs for six consecutive months, making it a challenging time for renters in Canada.

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The latest rental price report released by Rentals.ca and Urbanation has revealed that the average asking price for a rental unit in Canada reached $2,178 last month, marking a 9.9 per cent year-over-year increase. This trend has seen asking rents hit new highs for six consecutive months. While October's annual rate of rent growth was slightly lower than September's, it still marked the second fastest annual increase of the past seven months. On a monthly basis, average asking rents increased by 1.4 per cent in October, a slight decrease from the previous months.


Canadian Rent Prices Soar to Record High: Report

The average cost of a one-bedroom unit in October was $1,906, up 14 per cent from the same month in 2022, while the average asking price for a two-bedroom was $2,255, up 11.8 per cent annually. Vancouver remains Canada's most expensive city for renters, with the average one-bedroom unit listed at $2,872 and a two-bedroom at $3,777. Toronto followed as the next highest ranked major city at $2,607 for a one-bedroom and $3,424 for a two-bedroom.

The report also highlighted that rent inflation in Canada is being driven by price increases in Alberta, Quebec, and Nova Scotia, in part due to strong population growth and large infusions of new rental supply priced at above-average market rents. Calgary topped the list when measured by annual rent growth for apartments out of Canada's largest cities for the ninth straight month, with asking rents for purpose-built and condominium apartments rising by 14.7 per cent year-over-year to reach an average of $2,093.

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In conclusion, the rental market in Canada continues to experience significant growth in asking rents, with cities like Vancouver and Toronto leading the way as the most expensive for renters.

Canadian Rent Prices Soar to Record High: Report

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