The average house rental price in Canada reached $2,178 last month, an increase of 9.9% year-over-year, a record for these costs for the sixth consecutive month.

This information is part of the latest report on rental prices in the country conducted by Rentals.ca and Urbanation, which analyzes Rentals.ca's monthly listings. The results show that although the increase recorded in October is lower than that recorded in September (11.1%), it is still the second fastest annual increase in the past seven months.

On a monthly basis, rental costs rose by 1.4% in October, a slight slowdown compared to 1.5% in September and 1.8% in August. Experts confirm that the decline is due to seasonal factors.

The average cost of a one-bedroom apartment in October was $1,906, an increase of 14% from the same month in 2022, while the asking price for a two-bedroom apartment was $2,255, an increase of 11.8% from 12 months ago.

Vancouver has the highest rental costs across Canada: $2,872 for a one-bedroom unit and $3,777 for a two-bedroom unit. Both prices are lower than those reached in September, but still represent increases of 6.7% and 5.5% respectively, year-over-year.

Toronto comes next, with costs of $2,607 to rent a one-bedroom apartment and $3,424 for a two-bedroom apartment.

The report also indicates that inflation in rental costs in Canada is primarily due to increases recorded in Alberta, Quebec, and Nova Scotia, partially because they are provinces that have experienced strong population growth and a large influx of new rental supplies. And at prices higher than the market average.

In Calgary, rental costs increased by 14.7% year-over-year to an average of $2,093.

For his part, Rentals.ca spokesperson Giacomo Ladas said he is always asked how people can afford these costs. He said, "The answer is that they can't." "Rents are rising so much that people have almost no options. They are desperately searching for affordable rentals."

Among Canada's largest cities, Calgary topped the list of annual apartment rental increases for the ninth consecutive month.

In Calgary, rental costs rose by 14.7% year-over-year to an average of $2,093, while Montreal ranked second with an increase of 10.2% year-over-year to an average of $2,046 in October, according to the same report.

Ladas explained: "We can say that because of large interprovincial migration, people are leaving areas like Ontario and British Columbia looking for affordable rentals, and heading to places like Calgary."

The expert also pointed out that one of the main factors behind rising rental prices is fewer people wanting to become homeowners due to current high interest rates. Ladas added that one-third of Canadian households are tenants, and the growth rate is double that of homeowners.