New data shows that the average monthly cost to rent a home in Canada rose to a record $2,024 in November, and experts say the trend does not show signs of stopping soon.
The National Rental Report published Tuesday shows average rent across the country was at an all-time high in November, up 2.5 per cent from October.
The average monthly rent was also up $224 compared with a year ago, for gain of 12.4 per cent.
While the average price for a one-bedroom rose 8.3 per cent to $1,710, two-bedroom rentals had the biggest spike, up 11.7 per cent from last year to $2,090.
Vancouver remains the most expensive place to rent in Canada, with the average price of a one-bedroom now going for $2,633 per month. Toronto is in second place at $2,532 for a one-bedroom based on a list of 35 Canadian cities.
The report was based on data collected by Rentals.ca and Urbanation from monthly online listings.