Average rent in Canada bounces back above $2,000 — $224 more than last year

After hovering just above and then just below the $2,000-a-month mark in September and October, the national average rent for all property types bounced back over the threshold in November, rising 2.5 per cent to $2,024, according to the latest report by Rentals.ca and Urbanation Inc.

While month-over-month rents increased only slightly, year-over-year rents were up 12.4 per cent, meaning new renters are paying roughly $224 more than last year.

“Rents in Canada are rising at an exceptionally high speed, which is having a profound effect on housing affordability as interest rates continue to rise,” Shaun Hildebrand, president of Urbanation, said in the report. “With the most expensive cities experiencing very low supply and the fastest rates of rent increase, regions with high population growth are seeing demand shift into more affordable areas.”