A new report says Canada's average asking rent reached a new record in July.
Data from Rentals.ca and research firm Urbanation released this week show July's average asking rent hit $2,078, just shy of nine per cent above the same month last year.
Rentals.ca and Urbanation attributed the rise to a surge in post-secondary students signing leases before the fall, unprecedented levels of population growth and homebuyers holding off on purchases as interest rates have risen. Realtors have reported some prospective buyers have stayed out of the housing market for the bulk of the year after being spooked by a succession of interest rate hikes that ate into their buying power.
One-bedroom apartments alone saw a 13 per cent annual increase and a monthly rise of 2.5 per cent, bringing July's figure to $1,850.
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