Rent Prices Hit Record High Across Canada, New Report Finds

Rental costs have risen to historic levels in Canada with the average asking rent for all property types rising 9.3 percent year-over-year. The Canadian Press

Rental costs have hit a new record high in Canada, according to the latest numbers from rental listing website, Rentals.ca.

The average asking rent for all property types in Canada increased by 9.3 percent year-over-year to $2,202 in May, which is the first time it has passed the $2,200 level, the report says. The average cost of rent in May 2023 was $2,014.