Average asking rents for all property types in Canada hit a record high of $2,042 in June, surpassing the previous record set in November 2022 by 0.9 per cent. The 1.4 per cent increase from May to June represents the largest month-over-month rise this year, while annually average rents increased 7.5 per cent.

“Rent inflation reaccelerated in June as the Canadian rental market entered into the busy summer season, with each of the country’s largest cities positing double-digit annual increases,” said Shaun Hildebrand, president of Urbanation. “It’s no coincidence that cities with the fastest population growth are at the top of the list for rent increases. Expect further upward pressure on rents in the near-term as the market moves through its peak period of the year and demand continues to strongly outstrip new supply.”

For the first time in the National Rent Report’s history, Toronto finished third on the list of 35 cities for average monthly rents in June, having been bumped out of the second spot by Burnaby, BC. Year over year, average monthly rent in June for a one-bedroom in Toronto was up 14.1 per cent and up 8.8 per cent for a two-bedroom.

Calgary’s average rents surpassed $2,000 for the first time for purpose-built and condominium apartments in June, reaching $2,008 and rising 18.4 per cent year over year. Calgary has now overtaken Montreal as the fourth most expensive city for renters in Canada.

Vancouver is still the country’s most expensive rental market with average asking rents of $3,301 and annual rent increases of 15.4 per cent.

Meanwhile, Edmonton has the most affordable rents of Canada’s largest cities, averaging $1,368 in June and increasing 13.5 per cent year over year for both purpose-built and condominium apartments.

For the full report, visit: Rentals.ca July 2023 Rent Report