The latest National Rent Report from Rentals.ca and Urbanation reveals that in July, the average asking rent in Canada reached a new peak of $2,078.
This represents a significant 8.9% annual rise, marking the fastest growth over the past three months.
There was a notable 1.8% increase in average asking rents compared to June, marking the most rapid month-over-month growth in eight months.
Since July 2021, average asking rents have surged by 21%, which translates to an average monthly increase of $354.
Factors contributing to this escalation include heightened leasing activity among post-secondary students before the fall term, substantial population growth, and the impact of the Bank of Canada’s recent interest rate hike, which reached its highest point in 22 years.
(Written by: Scott Arnold)
