Residential property types in Canada have reached a record high of $2,202 per month, with a 9.3% year-over-year increase in May

By Staff

June 6th, 2024

BURLINGTON, ON

 

Average asking rents for all residential property types in Canada have reached a record high of $2,202 per month, with a 9.3% year-over-year increase in May.

This growth trend is consistent with the past three years, showing an average annual growth of 9.1%. The rental market is strong, with cities like Vancouver and Toronto stabilizing near record highs.

Key points:

– Average asking rents in Canada surpassed $2,200 in May, marking a 9.3% year-over-year increase.

– The rental market is entering the peak summer season with continued strength as Canadian interest rates begin to decrease.

– Vancouver and Toronto are stabilizing near record highs, while mid- and small-sized cities are seeing double-digit rent increases.

– All provinces in Canada recorded annual increases in apartment rents for purpose-built and condo rentals in May.

Data provided by: Rentals.ca and Urbanation’s latest National Rent Report

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