The average monthly rent price in Canada reached a record $2,024 in November, according to industry data.
The National Rental Report said the average price for rent in November rose 2.5% from the previous month. On average, renters are paying $224 more per month than they did a year ago, for an annualized increase of 12.4%.
The average cost of rent has now surpassed pre-pandemic prices by more than 10%. Two-bedroom rentals saw the biggest increase in November, up 11.7% from the same period in 2021.
Vancouver remains the most expensive place to rent a house, condo, or apartment in Canada, with the average price of a one-bedroom now at $2,633 per month.
Toronto was the second most expensive rental market with the average price for a one-bedroom at $2,532. Renting a two-bedroom place in Toronto now averages $3,347 a month.
Contributing to the steep increase in rental prices has been high demand and low supply in Canada's biggest cities.
The National Rental Report is based on data collected from monthly online listings throughout Canada.