Average rental prices across Canada jump $103 to hit record high: Report

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The National Rent Report from Rentals.ca and Urbanation showed Canadian rents increased by an average of more than $100 over the last three months.

From May to August, the Canadian market experienced a 5.1% increase in the asking price for rent, equivalent to a monthly rental increase of $103.

The report also said that the average asking rents in Canada reached a new record high of $2,117 in August with a monthly increase of 1.8% and an annual growth rate of 9.6%.

“Unlike in the U.S., rent inflation in Canada has failed to cool down despite rental completions having reached their highest level in decades” Urbanation president Shaun Hildebrand said in a statement.

“This is illustrative of the severe rental housing shortage across the country and the magnitude of the impact on rental demand as the population expands by a record pace.”

Surprisingly, Toronto and Vancouver, the country’s most expensive cities, posted below-average annual rent increases of 8.7% and 7.3% respectively, reaching average monthly costs of $2,898 (Toronto) and $3,316 (Vancouver).

Notably, average rents in Vancouver decreased by 0.7% on a monthly basis.

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Calgary remained the leader in rent growth among Canada’s largest cities with a 17.3% year-over-year increase to an average of $2,068 for purpose-built and condominium apartments.

The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market at the national, provincial and municipal levels.