The average rent price in Canada hit a record $2,042 in June, according to the latest data from website Rentals.ca.
The continued rise in rent costs throughout the country is being blamed on rising interest rates and an influx of immigrants that is leading to rapid population growth in urban areas.
The data shows year-over-year rent inflation for June of 7.5%, which was actually below the double-digit growth seen throughout 2022 and during the first quarter of 2023.
However, rent costs rose 1.4% in June from May, marking the fastest month-over-month increase so far this year.
Rentals.ca said demand is being driven by Canada's rapid population growth, much of which is coming from non-permanent residents such as foreign students who tend to rent. High interest rates are also having an impact on rent prices.
Vancouver, British Columbia remains Canada's most expensive city for renters, with the average one-bedroom unit listed at $2,945. Toronto’s average rent for a one-bedroom unit is now $2,572.
Over the last two years, the average rent in Canada has risen by 20%, or an average of $341, according to Rentals.ca.
Related Stories
