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Canadian rent prices reach a three-year high, up 17% from pandemic lows


Having been on an upward trend since early last year, average rent prices have now eclipsed pre-pandemic levels.


The average rent for all property types listed on Rentals.ca in August hit a three-year high of $1,959 per month, up 1.3% from July and 11.1% from August 2021, according to the site’s latest national rent report. Rents have now risen 16.8% since hitting a low of $1,676 in April 2021.


“…prospective tenants [are now] looking at properties that are $200 more expensive on average than a year earlier,” said Ben Myers, president of Bullpen Research & Consulting.


The average rent for single-family homes rose 13% year-over-year to $3,061, while the rents for condo apartments were up 7% in August to $2,312. Apartment rents were up 5.5% to to $1,729.


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