Average rents across Canada rose 11.8% YOY in October, more than double the annual hourly wage increase of employees at 5.6%, according to a report from Statistics Canada.

Rents are now averaging $1,976 for all property types in Canada.

In the latest National Rent Report from Rentals.ca, Urbanation, which tracks rentals, reported that unprecedented rent growth is actually getting hotter with each interest rate increase.

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