The organizations behind the data said July’s numbers also constitute the fastest pace of growth over the past three months and add the average asking rent rose 1.8 per cent between June and July, the most rapid month-over-month increase in the last eight months.
“Canada’s rental market is currently facing a perfect storm of factors driving rents to new highs,” said Shaun Hildebrand, president of Urbanation, in a news release. The average price of a home reached $709,218 in June, up 6.7 per cent from a year earlier, the Canadian Real Estate Association said last month. On a seasonally-adjusted basis, it was $709,103, down 0.7 per cent from a year prior.
The average asking rent for a two-bedroom unit sat at $2,191, followed by $2,413 for three-bedroom units. However, studios averaged $1,445.