Average rent in Canada hit over $2K last month – and there’s no signs of slowing

Click to play video: 'Canada Housing Benefit one-time top up for low-income renters starts Monday'
Canada Housing Benefit one-time top up for low-income renters starts Monday
In a bid to help tackle skyrocketing rents across the country, the government of Canada will be opening applications Monday for a one-time top-up as part of the Canada Housing Benefit (CHB) program. The initiative that would put $500 in the pockets of low-income renters — with families making a net income of $35,000 a year and individuals earning less than $20,000 eligible. – Dec 11, 2022

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.

Read more: Hoping for a steep drop in home prices next year? It’s unlikely, Royal LePage says

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.

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The report was based on data collected by and Urbanation from monthly online listings.

Click to play video: 'Rental prices climb in Canada, still lower in Winnipeg'
Rental prices climb in Canada, still lower in Winnipeg

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