Year over year, national average rents were up 9.6 per cent since April, 2022, the report finds.
Rent costs across Canada stormed higher in April, with the average monthly rental cost in Toronto hitting $2,526, according to a new report.
Year over year, Ontario saw the biggest jump in monthly rent prices in April with a 29-per-cent increase, while British Columbia trailed closely behind with a 28-per-cent bump. Rising interest rates and high housing prices have expanded the pool of higher-earning renters, according to Mr. Hildebrand. Furthermore, record immigration levels are driving some of the latest rental increases by growing the pool of renters.
“There’s also a direct correlation between rent inflation and immigration because a lot of immigrants rent when they first come,” Mr. Hildebrand said. “But ultimately, the demand side will always continue to grow – we need the supply side to catch up.”
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