Average rent is nearly 12% higher compared to last year

The average rent in Canada continues to rise, reaching $1,976 per month in October 2022, which is an increase of 11.8% from the same period in the previous year. This marks an 18% increase since the low in April 2021. Provinces with the fastest-growing rent prices are those with the fastest population growth, with the Atlantic provinces experiencing the steepest rent increases over the past year. Burnaby, Brampton, Toronto, London, and Kitchener are the cities with the largest year-over-year rent increases.