Canadian rent prices hit a record high in June

Canadian rent prices reached a record high in June, driven by strong population growth and high demand outpacing new supply. The average asking price for a rental unit rose to $2,042, marking a 1.4% increase from May and a 7.5% jump compared to the previous year. Despite increased rental apartment completions, the demand is still outpacing supply due to the surge in population growth. Alberta led the provinces with the highest year-over-year rent price growth, followed by Quebec. Vancouver and Toronto remained the most expensive rental markets, with significant annual rent increases.