๐A recent survey revealed that the average rent in Canada has reached an all-time high, causing financial strain for renters nationwide. In May, the average rent for a residence hit a record $2,202, reflecting a 9.3% increase from the previous year and a 0.6% rise from the previous month, according to a report by Urbanation and Rentals.ca.
Key Findings:
Two-Bedroom Apartments: Average asking rent rose to $2,334, up 12.1% from last year.
One-Bedroom Apartments: Average asking rent reached $1,927.
Province-Wise Average Rent:
Ontario: One-bedroom apartments average $2,479, making it one of the most expensive provinces.
Quebec: Average rent is $1,999, below the national average.
Alberta: Rents increased by 17% year-over-year to $1,787.
Atlantic Canada: Average rent is $2,067, up 15% from last year.
Saskatchewan: Leading the increase with a 21.4% rise to $1,334.
The report highlights the overall rise in purpose-built apartment rents, which increased by 13.7% to $2,146, and condominium apartment rents, which grew by 3.4% to $2,312. The rental market shows significant year-over-year growth in every province.โ
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