The average cost to rent an apartment, condo or house in Canada rose 10% in October from a year earlier and hit a new record high of $2,178 per month.
October was the sixth consecutive month that rent prices across Canada hit a new high, according to a report from Rentals.ca and Urbanation.
October’s gain marked the second fastest annual increase in rental prices over the past seven months.
The average cost of a one-bedroom rental unit in October was $1,906, up 14% from the same month in 2022, while the average asking price for a two-bedroom unit was $2,255, up nearly 12% year-over-year, according to the report.
Vancouver continues to be Canada’s most expensive city for renters, with the average one-bedroom unit listed at $2,872, up 6.7% from a year ago. Toronto was the next highest rental market, with a one-bedroom renting for an average cost of $2,607.
Calgary saw the largest increase in apartment rent prices among Canada’s largest cities for the ninth straight month, up nearly 15% in October from a year ago.
The report said rent inflation in Canada is the worst in Alberta, Quebec, and Nova Scotia, in part because of strong population growth and large infusions of immigrants.
Many Canadians are also being forced into rental units as they cannot afford to buy a home with interest rates charged on mortgages rising over the last 18 months and now above 7%.