Canadian rents rose 5.9% in July, slowest in 2.5 years, with Saskatchewan experiencing the fastest growth at 22.2%.
Canadian rents rose in July, but at the slowest pace in 2.5 years, according to a report by Rentals.ca and Urbanation. The national average rent for all residential property types reached $2,201, a 5.9% increase from last year. While some markets saw large rent increases, others experienced declines. Saskatchewan had the fastest-growing rental prices in the country with a 22.2% annual growth rate for purpose-built and condominium apartments. However, the average rent in Canada is still 38% higher than in Saskatchewan. The federal government introduced measures to reduce rent increases, such as capping international student enrollments, but the construction of new rental properties has been hindered by high interest rates and rising construction costs.