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Average asking price for Canadian rental unit hits record high in June: report

Click to play video: 'High housing prices impacting renters as well as buyers across Canada'
High housing prices impacting renters as well as buyers across Canada
WATCH: Housing prices aren't expected to fall anytime soon, as a lack of supply still hampers several major markets across the country. Heather Yourex-West reports – Jul 14, 2023

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.

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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.

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