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Average rent prices in Canada reached a record high in July

By Joe Thomson Sep 7, 2023 | 8:46 AM

Tierra Mallorca / Unsplash

As Canadians continue to struggle with the rising cost of living, a new report shows that rent has gone up by nearly 10 percent across the country over the past year.

The latest data from Rentals.ca shows that the average asking rent in Canada reached record high of $2,078 in July, making it the first time that number has crossed the $2,000 in Canada’s history. Compared to just two years ago, rent prices for the month of July have risen by over 20 percent, or by roughly $350 per month.

Vancouver led the way as the most expensive city to rent in, with one-bedroom apartments going for an average of more than $3,000, and two-bedrooms going for nearly $4,000. Grand Prairie, Saskatchewan earned the distinction of being the cheapest city included in the report for renters, with an average price of a little over $1,000 for a one-bedroom, and about $1,200 for a two-bedroom unit. Brampton was the city with the highest year over year increase. The price of a one-bedroom unit grew by more than 25 percent compared to this time last year.

The report confirms the frustrations of many Canadian renters; that it’s becoming harder and harder to find a place to rent, and that when they do, the price seems more expensive than ever.


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