Canadian Rents Rise to Record High in July, But With Slowest Annual Growth Rate in 31 Months

Office towers, condos and apartment buildings are seen in downtown and the west end of Vancouver, on Jan. 19, 2023. The Canadian Press/Darryl Dyck

Rents in Canada rose to their previous all-time-high in July, although growing by the slowest year-over-year pace in 31 months, according to a new report.

The average rent for all residential property types in Canada hit $2,201 in July, up 5.9 percent from 2023, according to the latest numbers from rental listing website Rentals.ca. The average asking rents grew by 0.8 percent from June, which was a reversal of May’s decline of 0.8 percent.