Average asking rents in Canada increased 9.3 per cent year-over-year in May, reaching a record-high $2,202 per month according to the latest data from Rentals.ca and Urbanation.

Average residential rents in Canada are closing in on their pre-pandemic peak, with the median rent reportedly hovering at $1,800 per month for all property types.

Average rent for Canadian rental properties listed on Rentals.ca in April 2022 was $1,821 per month, down just 1.5 per cent from 2019 and 2020.

Forecast calls for average rents in Toronto to bounce back 11 per cent next year, six per cent in Vancouver, and five per cent in Montreal.

New data from Rentals.ca reveals that average monthly rents for a one-bedroom apartment in Toronto continue to be the highest in Canada.

Average rents for all property types in Canada have risen for third consecutive month as rental demand increases with the arrival of the prime spring leasing season.

The median monthly rent across Canada increased nearly 6 per cent in January over December to $1,747, according to the February national rent report created by Rentals.ca and Bullpen Research & Consulting.