Rent Prices Hit Record High Across Canada, New Report Finds

Published on June 7, 2024

Rental costs have hit a new record high in Canada, according to the latest numbers from rental listing website, Rentals.ca. The average asking rent for all property types in Canada increased by 9.3 percent year-over-year to $2,202 in May, which is the first time it passed the $2,200 level, the report says. The average cost of rent in May 2023 was $2,014. Vancouver is at the top of the 35-city list with the average one-bedroom rental going for $2,671 and a two-bedroom at $3,628. In the lower mainland, Burnaby came in with the second-highest rent prices at $2,545 for a one-bedroom and $3,213 for a two-bedroom. Rent prices in Toronto were the third highest in the country, with a one-bedroom going for $2,479 and a two-bedroom $3,284. Mississauga took fourth place on the list with an average rent price for a one-bedroom at $2,339 and a two-bedroom at $2,702....

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