Average asking rents in Canada reached $2,185 in June as growth slows to seven per cent: report

The average asking rent for homes in Canada rose to $2,185 in June 2024. This is an increase from last year, but the growth rate has slowed down to seven per cent, according to a recent report by Rentals.ca and Urbanation. The slowdown in rent growth suggests that the rapid increases seen earlier might be stabilizing.

In major cities like Toronto and Vancouver, rents remain high, pushing many people to look for more affordable housing in other regions. While the rent growth rate has slowed, the overall cost of renting remains a challenge for many Canadians. The report highlights that the highest rent increases were in the Atlantic provinces, while some areas in Ontario saw a decline.

The rise in rents is linked to a strong demand for rental properties, especially in urban areas where buying a home has become increasingly difficult due to high prices and interest rates. Many people are choosing to rent longer, which keeps the demand high. This trend is expected to continue, affecting the rental market dynamics across the country.

Experts believe that the current economic conditions and the housing market situation will continue to influence rental prices. While the slower growth rate in rents might be a sign of relief for some renters, the overall high cost of renting still poses a significant burden. Policymakers and housing advocates are calling for more affordable housing solutions to address these ongoing challenges.