Average asking price for Canadian rental unit hits record high in June: Rentals.ca

TORONTO –

A brand new report says the common asking value for a rental unit in Canada reached a document $2,042 final month amid continued rate of interest hikes, inhabitants growth and low unemployment.

Rentals.ca’s newest information launch exhibits year-over-year hire inflation for June was 7.5 per cent, under the double-digit progress seen for many of 2022 and early 2023.

Rents additionally rose 1.4 from May, marking the quickest month-over-month enhance for models listed on the web site thus far this 12 months.

The common price of a one-bedroom unit in June was $1,780, up 10.2 per cent from the identical month in 2022.

Vancouver led the way in which as Canada’s priciest metropolis for renters, with the common one-bedroom unit listed at $2,945 and a two-bedroom at $3,863, adopted by close by Burnaby, B.C.

Toronto ranked third at $2,572 for a one-bedroom and $3,301 for a two-bedroom.

This report by The Canadian Press was first revealed July 13, 2023.