The cost of renting continues to surge
Average asking rents in Canada reached a record high of $2,042 in June, surpassing the previous peak of $2,024 seen in November 2022 by 0.9%, according to the latest National Rent Report by Rentals.ca and Urbanation.
“The 1.4% increase in rents from May represented the fastest month-over-month increase so far this year, causing the annual rate of rent inflation to accelerate to 7.5% from the 6.5% annual rate recorded in May,” the report said.
This was just the latest in the ever-upward trend in Canadian rent rates.
In the past two years alone, average asking rents nationwide saw a 20% gain (up by $341).
However, “annual rent inflation in June remained below the double-digit growth experienced during most of 2022 and early 2023,” the report said. “Additional upward pressure on rents occurred as the population expanded at a record pace, the unemployment rate remained near a record low, and home sbuyers became more cautious with more interest rate increases.”
By proportional growth, Alberta remained the provincial leader in annual rent increases for the second straight month with an 18.3% increase to $1,552 in June. Quebec came in at a close second with an 11.6% increase, while Ontario settled at third place with a 9.3% year over year gain.
By value, British Columbia was still the most expensive province for tenants with an average monthly asking rent of $2,550 in June, with Ontario at a distant second place of $2,415.
