Average rental price in Canada breaks records
The report shows that the cost of renting a home in the country hit a record high in June.
According to a fresh report from Rentals.ca, the average asking price for a rental unit in Canada hit CAD 2,042 in June. The reasons for the price increase are rising interest rates, the country's population growth and low unemployment rate.
Rentals.ca data shows that rent inflation in the first month of summer was 7.5% year-over-year. This is down from double-digit inflation rates in 2022 and early 2023.
Compared to May this year, rents are up 1.4%. This is the fastest monthly price increase this year for properties advertised on Rentals.
The average rental price for a one-bedroom apartment in June was CAD 1,780. This is 10.2% more than the figure for June 2022.
Vancouver continues to be the most expensive city in Canada in terms of rental prices. The average cost of renting a one-bedroom apartment in this city is CAD 2,945. A two-bedroom property can be rented for CAD 3,863. The second place in the list of cities with the highest rent is occupied by Burnaby, which is in British Columbia. Toronto closed the top three leaders. Here you will have to pay CAD 2,572 to rent a one-bedroom apartment, and CAD 3,301 to rent a two-bedroom apartment.
