Rent hit a new high in July as students prepped for school, buyers sidelined: Report
A for rent sign is displayed on a house in Ottawa on Friday, Oct. 14, 2022. A new report says Canada's average asking rent reached a new record in July.TORONTO — A new report says Canada’s average asking rent reached a new record in July.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYExclusive sports coverage by Bruce Garrioch, Ken Warren and Tim Baines, in-depth crime and news from Gary Dimmock and city life coverage from arts writers Lynn Saxberg and Peter Hum.
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Canada's Average Asking Rent Reaches New Record in JulyA new report reveals that Canada's average asking rent has reached a new record in July, indicating a significant increase in rental prices.
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Average Asking Rent in July Sees Rapid GrowthData released by real estate company Urbanation reveals that the average asking rent in July reached $2,078, marking a nearly nine percent increase compared to the same month last year. This growth rate is the highest over the past three months, with a 1.8 percent increase from June to July, the most rapid month-over-month rise in the last eight months.
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Average Asking Rent in July Sees Rapid GrowthData from real estate company Urbanation reveals that the average asking rent in July reached $2,078, marking a nearly nine percent increase compared to the same month last year. This growth rate is the highest over the past three months, with a 1.8 percent increase from June to July, the most rapid month-over-month rise in eight months.
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Average Asking Rent in Canada Reaches New HighsAccording to data from Rentals.ca and research firm Urbanation, the average asking rent in Canada reached $2,078 in the month, marking an 8.9% increase compared to the previous year. This growth rate is the highest over the past three months. Between June and July alone, the average asking rent rose by 1.8%, the most rapid month-over-month increase in the last eight months. The average asking rent also increased by 21% compared to July 2021, adding an average of $354 per month. The rise in rent is attributed to factors such as a surge in post-secondary students signing leases, unprecedented population growth, and homebuyers delaying purchases due to rising interest rates. Shaun Hildebrand, president of Urbanation, stated that Canada's rental market is currently facing a perfect storm of factors driving rents to new highs.
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Average Asking Rent in Canada Hits New HighsData from Rentals.ca and Urbanation shows that July's average asking rent in Canada reached $2,078, a nearly 9% increase compared to the same month last year. This marks the fastest pace of growth in the past three months, with a 1.8% increase between June and July. The rise in rent is attributed to factors such as increased lease activity from post-secondary students, population growth, and homebuyers delaying purchases due to rising interest rates.
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Canadian Rent Prices Reach Historic Highs in JulyData from Rentals.ca and Urbanation reveals that the average asking rent in Canada hit $2,078 in July, marking a nearly 9% increase compared to the same month last year. This surge in rent prices is the fastest pace of growth in the past three months, with a 1.8% increase between June and July alone. Experts predict that rent prices may continue to rise, with some speculating that average asking rents in Ontario could reach $3,500 next year.
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