Canadian Rents Rise to Record High in July, But With Slowest Annual Growth Rate in 31 Months

Rents in Canada rose to their previous all-time-high in July, although growing by the slowest year-over-year pace in 31 months, according to a new report. The average rent for all residential property types in Canada hit $2,201 in July, up 5.9 percent from 2023, according to the latest numbers from rental listing website Rentals.ca. The average asking rents grew by 0.8 percent from June, which was a reversal of May’s decline of 0.8 percent. The average asking rent for all property types first passed the $2,200 level in May, according to the report. The average cost of rent in July 2022 was $1,908, while the average cost in July 2021 was $1,725....