Rent Prices On The Rise Again

Rent prices in Canada are continuing to increase, with the average national rent price at $1,934, up 10.4% compared to a year ago, according to data from Rentals.ca. Single-family homes saw the biggest year-over-year increase at 14.1%, with rental apartments averaging a 7.7% increase. British Columbia had the highest average rental rate at $2,590, with Ontario following at $2,332. The report attributes the upward pressure on rents to rising interest rates and more people returning to the office. Other factors driving demand include elevated immigration levels and an unemployment rate near historic lows.