Average asking price for Canadian rental unit hits record high in June: Rentals.ca

TORONTO –

A new report says the average asking price for a rental unit in Canada reached a record $2,042 last month amid continued interest rate hikes, population expansion and low unemployment.

Rentals.ca’s latest data release shows year-over-year rent inflation for June was 7.5 per cent, below the double-digit growth seen for most of 2022 and early 2023.

Rents also rose 1.4 from May, marking the fastest month-over-month increase for units listed on the website so far this year.

The average cost of a one-bedroom unit in June was $1,780, up 10.2 per cent from the same month in 2022.

Vancouver led the way as Canada’s priciest city for renters, with the average one-bedroom unit listed at $2,945 and a two-bedroom at $3,863, followed by nearby Burnaby, B.C.

Toronto ranked third at $2,572 for a one-bedroom and $3,301 for a two-bedroom.

This report by The Canadian Press was first published July 13, 2023.