A new report states that the average rental unit sale price in Canada reached a record of $2,042 last month amid ongoing increases in interest rates, population growth, and low unemployment.
The latest data release from Rentals.ca shows that year-over-year rental inflation for June was 7.5%, which is below the double-digit growth observed for much of 2022 and early 2023.
Rents also increased by 1.4% since May, marking the fastest monthly increase for units listed on the website so far this year.
Nationally, the average cost of a one-bedroom unit in June was $1,780, which is a 10.2% increase compared to the same month in 2022.
Vancouver led the way as the most expensive city in Canada for renting, with an average one-bedroom unit listed at $2,945 and a two-bedroom unit at $3,863, followed by nearby Burnaby, B.C.
Toronto took the third spot with $2,572 for a one-bedroom apartment and $3,301 for a two-bedroom apartment.
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