Nationally, rents averaged $209 per month higher than in the same month a year ago. Find out more about rent prices across Canada.
While the month-over-month average decreased slightly in October, year-over-year results rose 11.9 per cent. Rents charged last month averaged $209 per month higher than in the same month a year ago at $1,767. The overall rise in rent comes as many potential homebuyers continue to lease as interest rates rise and inflation runs hot. The Bank of Canada’s final interest rate announcement of the year is expected in December.
Atlantic Canada has experienced the steepest rises in rental costs over the past year, with an average rent increase of 32.2 per cent. In Ontario, British Columbia and Alberta, rents have still risen dramatically, by 17.7 per cent, 15.1 per cent, and 13.2 per cent, respectively, over the past year.
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