Rental units are pictured in Toronto on Jan. 12, 2024. The average asking price for rent in Canada reached $2,196 in January, a 10 per cent increase from this time last year — marking another record high amid a deepening rental crisis.
The average asking price for rent in Canada reached $2,196 in January, a 10 per cent increase from this time last year — marking another record high amid a deepening rental crisis.Twp people walk past rental units in Toronto. The average asking price for rent in Canada reached $2,196 in January. The average asking price for rent in Canada reached $2,196 in January, a 10 per cent increase from this time last year — marking another record high amid a deepening rental crisis.
Rent prices soared last year as supply struggled to keep up with demand, leading to the lowest national vacancy rate on record since the Canada Mortgage and Housing Corp. began tracking that data in 1988.While Vancouver is still the most expensive city for renters in Canada, rents in Vancouver fell by three per cent in January compared to last year.
Vancouver had the highest average asking price for one-bedrooms at $2,683, with Burnaby, B.C., close behind at an average asking price of $2,551, followed by Toronto at $2,511. Saskatoon was the least expensive city for a one-bedroom rental, with an average asking price of $1,192. The CMHC said in a report last month the vacancy rate for purpose-built rental apartments sat at 1.5 per cent during the first two weeks of October 2023, when it conducted its annual survey.
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