Rent Prices Across Canada Rose 12% In October

Rent prices rose an average of 12% throughout Canada during October, according to a report by website Rentals.ca.

The latest data shows that the average rent in Canada increased 11.8% in October compared to the same month of 2021. On a monthly basis, the average rental price rose 2.2% from September.

Rental prices for all property types stood at $1,976 in October, up $209 from a year ago. Rent in Canada is now 7% higher than the pre-pandemic high of $1,845 reached in October 2019.

Monthly rental prices are the highest in Vancouver at $2,576, followed by Toronto at $2,478.

The cheapest cities to rent an apartment, condominium, or house in are Grande Prairie, Alberta at $968, followed by Saskatoon, Saskatchewan at $1,023.

Rent increased the most in Atlantic Canada during October.

Prices have been rising across the country as higher interest rates prevent many people from buying a house and taking out a mortgage.