Average rental prices in Canada reach a new high

A recent survey identified a significant increase in the average rent across Canada, hitting an all-time high and causing concern for nationwide renters. As of May, the average rent for a Canadian residence reached a record $2,202, marking a 9.3% spike from the previous year and a 0.6% increase from the last month. The report revealed that the average asking price for a two-bedroom apartment was $2,334, a 12.1% increase from the same period last year, while the average asking price for a one-bedroom apartment was $1,927. However, the situation varies across provinces, with Ontario being one of the most expensive places to rent. The shortage of housing supply is a key factor driving up the rent, highlighting the need for a decisive government response to ensure affordable housing for all Canadians.