A new report says the average asking rent for a home in Canada hit a record $2,202 in May, up 9.3 per cent compared with a year ago and 0.6 per cent from the previous month.
A for rent sign is displayed on a house in a new housing development in Ottawa on Friday, Oct. 14, 2022. THE CANADIAN PRESS/Sean Kilpatrick
Overall, asking rents for purpose-built rental apartments in May increased 13.7 per cent compared with a year earlier to reach an average of $2,146. That was followed by Alberta, where average rents rose 17.5 per cent to $1,787, and Nova Scotia, which saw a 17.1 per cent increase to $2,238. Rents in those three provinces drove the majority of annual rent inflation for apartments in Canada, the report said.
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