The annual rate of rent growth in Canada moderated for the third consecutive month, with the average rent in November reaching $2,174.

Average asking rents in Canada hit a record high of $2,042 in June, surpassing the previous record set in November 2022 by 0.9 per cent.

Canada’s average asking rent has risen 20 per cent since the pandemic low of April 2021, up to $2,002 representing an increase of $340 per month.

According to March data from rentals.ca and Urbanation, average rents in Canada were up 1 per cent for the first time since November.

Annual average rent in Canada rose 11.8 % in October, which is more than double the average hourly wage increase of 5.6 %.

Rents in September 2022 for all rental properties in Canada reached historic highs, with the average monthly asking price exceeding $2,000.

Though up significantly since last year, the average rent price for all Canadian properties in June 2022 was still 3.5 per cent lower than the pre-pandemic level.

Average rental rates for all Canadian properties in December 2021 reached $1,789 per month — up 3.8 per cent from a year ago, according to the latest National Rent Report.

In a sign of recovery, centrally located luxury rentals in Toronto and Vancouver are increasing in demand and in price, according to the latest National Rent Report.

As August rents continued to decline in most Canadian markets, experts agree that the lower demand is a reflection of several COVID-related factors, including income loss.

Analysts are predicting that average rents in Canada will continue to increase in 2020 despite an increase in purpose-built rental construction and recent legislative changes.

New data from Rentals.ca and Bullpen Research & Consulting reveals that although rental rates have declined across Canada for the second month in a row, overall they are up 8 per cent from 2018.

The average monthly rents in Canada increased another 1.9 per cent in June , according to the latest National Rent Report produced by Rentals.ca and Bullpen Research & Consulting.