A new report by Rentals.ca and Urbanation says the average asking price for a rental unit in Canada reached $2,149 last month, marking an 11.1 per cent jump from the same period a year ago.
The data, which analyzes monthly listings from the Rentals.ca network, shows Canada reached a nine-month high for the annual rate of rent inflation, while rents also rose 1.5 per cent from August.
The average cost of a one-bedroom unit in September was $1,889, up 9.7 per cent from the same month in 2022, while the average asking price for a two-bedroom was $2,342, up 9.5 per cent annually.
Vancouver leads the way as Canada’s priciest city for renters, with the average one-bedroom unit listed at $2,976 and a two-bedroom at $3,908, followed by nearby Burnaby, B.C.
Toronto ranks third at $2,614 for a one-bedroom and $3,411 for a two-bedroom.
The report says that while rent increases remained strong in most major markets last month, the annual rate of rent growth “slowed substantially” in Toronto, possibly signalling a broader moderation for rent inflation in the months ahead as the economy cools.
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This report by The Canadian Press was first published Oct. 13, 2023.