Rental prices across Canada continued to undergo massive upward pressure in August, with year-over-year rent inflation at more than 24 percent in numerous cities, new data shows.
According to Rentals.ca’s September Rent Report, the average rent for all property types across Canada in August was $1,959 per month, an annual increase of 11.1 percent.
Nationally, increases were seen in all property types, with the average rent for single-family homes hitting $3,061 per month in August 2022, which is 13 percent higher than in August 2021. The average rent for condominium apartments grew from $2,155 in August 2021 to $2,312 in August 2022, and rents for traditional rental apartments grew to $1,729 per month this August, up from $1,639 per month in August last year….