Canadian Rents Hit Three-Year Highs
The average rent (for all property types) has hit a three-year high average of $1,959.00/month. This is up 1.3% from July 2022 and a whopping 11.1% from August 2021. Since the COVID-19 low average of $1,676/month in April 2021, the average has risen 16.8%.
The rise in cost can be attributed to a surge in demand with a mix of housing resale cooling. This cooling effect may continue if the Bank of Canada continues to hike rates.