Canada rents at record high: report

 

Median rents across Canada hit a record high in May, according to reports. Rentals.ca and Urbanation report an all-time high of $2,202. The average monthly rent for all residential rentals increased by 9.3 percent year-on-year, the report said. According to Rentals.ca, this is the first time the average rent has topped $2,200.

Vancouver has the highest average rent in Canada at $3,008. Meanwhile, the monthly rent in Toronto is $2,784 and in Mississauga is $2,610. Rent in Burnaby, BC is $2,545. Rents in Vancouver and Toronto have declined slightly since May 2023, the report said.