Canada sees average rent reaching a record of $2,024

The latest National Rental Report shows that the average monthly rent in Canada went up to a record level of $2,024 last month. Moreover, specialists believe we won’t see any positive changes in the nearest future.

The average price for rent in November rose by 2.5% from the previous month, while an annual increase reached 12.4%, meaning renters were paying on average $224 more per month on a year-over-year basis.

The report says the average cost of rent outpaced pre-pandemic results by 10.5%.

The average price for a one-bedroom went up by 8.3% from a year ago and reached $1,710 in November. Meanwhile, two-bedroom rentals saw the largest hike of 11.7% to $2,090.

“Rents in Canada are showing an extremely fast growth pace, which is affecting housing affordability amid the ongoing interest rate increases,” – noted Shaun Hildebrand, president of Urbanation.

Vancouver is still the most expensive city for renting a home in Canada, with the average price of a one-bedroom reaching $2,633 per month.

Toronto gets the second position among 35 cities: the average price for a one-bedroom apartment here is $2,532 and $3,347 for a two-bedroom.

One of the factors supporting the growth of rent prices is the combination of high demand for rental units and low market supply in the most expensive cities of Canada, Hildebrand added.

The report was made by Rentals.ca and Urbanation based on information from monthly online listings.