The average monthly cost to rent a home in Canada rose to a record $2,024 in November, new data show, and experts say this trend is showing no signs of stopping.
The National Rental Report published Tuesday said the average price for rent in November was up 2.5 per cent compared with the month before.
On average, renters are paying $224 more per month compared with a year ago, for a gain of 12.4 per cent.
Explainer: Low-income renters in Canada can apply for a one-time payment of $500. Here’s what you need to know
According to the report, the average cost of rent surpassed pre-pandemic prices by 10.5 per cent.
While the average price for a one-bedroom rose 8.3 per cent in November to $1,710, two-bedroom rentals had the biggest spike, up 11.7 per cent from last year to $2,090.
“Rents in Canada are rising at an exceptionally high speed, which is having a profound effect on housing affordability as interest rates continue to rise,” said Shaun Hildebrand, president of Urbanation, in a news release.
Vancouver remains the most expensive place to rent in Canada, with the average price of a one-bedroom now at $2,633 per month.
Toronto was second on the list of 35 cities with the average price for a one-bedroom apartment at $2,532 and $3,347 for a two-bedroom.
Contributing to the steep costs is the high demand for rental properties and low supply among Canada’s most expensive cities, said Hildebrand.
Nova Scotia had the highest annual rent increase, up 24.9 per cent from a year ago, and remains the third most expensive province to rent at $1,937 for a one-bedroom, after British Columbia and Ontario.
“Regions with high population growth are seeing demand shift into more affordable areas,” said Hildebrand.
The report was based on data collected by Rentals.ca and Urbanation from monthly online listings.