Average rental prices across Canada rise $103, hit new 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 past three months.

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

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

Notably, average rents in Vancouver fell by 0.7% per month.

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

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