Average monthly rents in Canada continue to rise with no signs of slowing down, especially in the most-expensive market—Vancouver and Toronto—where annual rent growth has surged YTD at about 24% in each city.
One-bedroom apartments are averaging nearly $2,000/month in Vancouver and Toronto, in US dollars. Nationally, the average rent for a one-bedroom is about $1,700, according to the latest National Rent Report from Rentals.ca and Urbanation.
"Rents in Canada are rising at an exceptionally high speed, which is having a profound effect on housing affordability as interest rates continue to rise," said Shaun Hildebrand, president of Urbanation, in the report.
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