A new report shows it costs more than ever just to keep a roof over your head.
For the first time, average rent prices in our country have broken $2,000 per month barrier.
Vancouver has the highest, followed by Toronto. Out of the top 20 cities listed in the report from Rentals.ca, Halifax, was the only place listed outside of BC and Ontario.
According to the report, renters are now paying an average monthly rent that is $224 higher than last year. Compared to the pre-pandemic average three years ago in November 2019, average rents in Canada have increased 10.5%.
Source: Rentals.ca
Two-Bedroom Rents Increased the Most
Rents grew the fastest over the past year for two-bedroom units, increasing 12.2% to an average of $2,133. One-bedroom rents increased 8.9% year over year to an average of $1,739, while studio rents grew 6.5% and three-bedroom rents grew 5.6% to reach averages of $1,402 and $2,389, respectively.
Source: Rentals.ca
Atlantic Canada Leads Rent Growth in Canada
In Atlantic Canada, the average rent for a one bedroom is just over 1,700 per month while two-bedrooms were of $2,032.
The east coast continued to represent the fastest appreciating rental market in Canada, posting 31.8% annual growth in November for purpose-built and condominium rentals.
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