A new national report has found that the average rent in Canada increased by about 12 percent year-over-year last month to nearly $2,000.

The latest national rental report from Rental.ca and Toronto real estate research firm Urbanation also showed that average rental prices rose by 11.8 percent in October, or $209, compared to the same month last year to an average of $1,976 across all property types. The data included single detached homes, semi-detached homes, detached homes, condominiums, rental apartments, and basement apartments.

The report's authors also said this represents more than double the annual increase of 5.6 percent in average hourly wages in Canada.

Average rent in October rose 2.2 percent from September. It was also seven percent, or $130, higher compared to the pre-pandemic peak of $1,845 in October 2019.

Vancouver also topped the list of 35 cities with an average monthly rent in October of $2,576 for a one-bedroom home and $3,521 for a two-bedroom home – increases of 17.2 and 16.1 percent respectively, year-over-year.

Toronto ranked second as the most expensive rental city with a price of $2,478 for a one-bedroom and $3,319 for a two-bedroom. Both increased by 23.7 and 23.8 percent, respectively, compared to the same month in 2021.

Among the next most expensive cities on the list were Burnaby, British Columbia; Etobicoke, Burlington, Victoria, and Oakville.

Meanwhile, Grande Prairie, Alta received the cheapest rent among the 35 cities analyzed for the report at $968 for a one-bedroom and $1,173 for a two-bedroom, both rising by eight and 9.7 percent respectively, over the year.