Although the rate of increase has slowed slightly, rental prices in Canada continue to rise, with the average new renter now being asked to pay $2117 per month.

This is according to a new report from Rentals.ca and the real estate and data consulting firm Urbanation, which schedules monthly data from its own database of the largest single collection of rental listings across the country.

The figure of $2117 represents a 9.6% increase from the average rent in August of last year, and a decrease from the all-time high of 12% recorded from August 2021 to August 2022, but it is still the highest number in dollar value.

The ongoing disruptions in the housing market have also dominated many headlines, while the Bank of Canada's campaign to reduce inflation has led to rising mortgage rates.

This extends to the rental market, where individual landlords are trying to pass these costs onto tenants.

In response to demand and the arrival of new Canadians seeking a home, construction activities for purpose-built rentals have increased.

But it hasn't come fast enough to lower rents.

And although the completion of rental apartments in Canada over the past 12 months has reached its highest level since the 1970s, rental growth has remained exceptionally strong, according to the report.