2023-08-11 15:33:33
(Toronto) A new report indicates that the average asking rent in Canada hit a new high in July.
Data from Location.ca and research firm Urbanation reveals that the average asking rent was $2,078 during the month.
This amount is 8.9% higher than the previous year, making it the fastest rate of growth in the last three months.
Between June and July alone, the average asking rent rose 1.8%, the fastest month-over-month increase in the past eight months.
Compared to July 2021, the average asking rent has increased by 21%, or $354 more per month on average.
Rentals.ca and Urbanation attribute the rise to an increase in post-secondary students signing leases before the fall; to unprecedented levels of population growth; and home buyers who are delaying purchases due to rising interest rates.
“The Canadian rental market is currently facing a perfect storm of factors that are pushing rents to new heights,” said Shaun Hildebrand, president of Urbanation, in a press release.
“These include peak rental season, an open border policy for new residents, rapidly rising incomes and the worst affordability conditions. »
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