Average asking rents across Canada hit 'another record high' in August, a new national report found.Rentals.ca and Urbanation reported on Tuesday that the country's average asking rent grew 9.6% year over year (a four-month high) and 8% month over month to a new high of $2,117.Painting an even clear...
Rentals.ca and Urbanation reported on Tuesday that the country's average asking rent grew 9.6% year over year and 8% month over month to a new high of $2,117.
“Despite rental apartment completions in Canada over the past 12 months reaching their highest level since the 1970s, rent growth has remained exceptionally strong," the report reads. "This can be attributed to the country’s record-high population growth and sharp deterioration in homeownership affordability.”
Rents in Toronto and Vancouver’s markets climbed 8.7% and 7.3% year over year, respectively. In the month prior, the annual rates of rent appreciation for those two markets were 11.5% and 12.2%.Nonetheless, rents forcontinued to be painfully high in Toronto and Vancouver last month, clocking in at $1,302 and $1,773, respectively. Much more affordable roommate accommodations can be found in Edmonton , Montreal , and Calgary .
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