Last month, rents across Canada continued to trend upwards, this time surpassing the September 2019 peak — though only by five dollars. Rentalsdotca | BullpenConsult | realestate realestatenews housingmarket rent
, which showed that the national average rent for all property types rose 11.1% year over year to $1,959 in August. The August average was also up 16.8% since a low point in April 2021.
The report also notes that while the Bank of Canada’s recent rate hike is dissuading people from home buying and driving them to the rental market instead, the high-rate-environment is simultaneously putting a damper on job growth in Canada. If a number of Canadians soon find themselves jobless, competition for rentals may thin out and prices could ease.Average rent have risen more than 20% YoY in five Canadian cities, including London , Calgary, , Vancouver , Toronto , and Hamilton .
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