The average asking price for a rental unit in Canada reached a record $2,042 last month amid continued interest rate hikes and population expansion, according to a new report by Rentals.ca and Urbanation.
The data, which analyzed monthly listings from the Rentals.ca network, showed year-over-year rent inflation for June was 7.5 percent, below the double-digit growth seen for most of 2022 and early 2023.
Rents also rose 1.4 percent from May, marking the fastest month-over-month increase for units listed on the website so far this year.
“What the country is experiencing right now is a perfect storm of conditions,” said Shaun Hildebrand, president of Urbanation, a real estate research firm….