Canadians continue to raise their rents, with prices up almost 12% in October, according to a report by Rentals.ca.
of its latest report, the Toronto-based rental company said average rents rose 11.8% in October compared to a year ago. The average monthly rent he rose 2.2% from September.
Average monthly rent across all property types reached $1,976, $209 higher than the same month last year.
This marked a 7% increase from the pre-pandemic high of $1,845 in October 2019.
Popular rental market
Rental prices are the best in Vancouver ($2,576), Toronto ($2,478) and Burnaby, BC ($2,290).
Vancouver is the most expensive rental market, but prices have fallen 3.5% over the past two months after reaching a high of $3,083 in August.
Conversely, all of Canada’s cheapest cities to rent are on the prairie, Grande Prairie Alta being one of them. ($968) comes first, followed by Red Deer Alta ($1,017) and Saskatoon ($1,023).
Growing demand in Atlantic Canada
On a geographic basis, Atlantic Canada saw the most monthly rent growth.
Average rent for dedicated condominium apartments increased 32.2% year-over-year to an average of $2,199 per month.
This is the largest increase of any Canadian province, followed by Ontario at 17.7% and British Columbia at 15.1%.