Rental prices in Canada have reached a new high, with the average asking price amounting to $2,149 per month, according to a new report compiled by a Canadian rental listing website.

According to Rentals.ca and the real estate research firm Urbanation, the Canadian market continued its upward trajectory with data indicating a monthly increase of 1.5 percent from August and an annual increase of 11.1 percent.

The report also noted that it witnessed double-digit year-over-year growth, with the annual rate of rent inflation reaching its highest level in nine months.

Regarding rental types, one-bedroom units recorded the fastest annual growth in rental demand, increasing by 15.5 percent to reach an average of $1,905.

Meanwhile, the average rent for two-bedroom apartments reached $2,268, representing a 13.1 percent year-over-year increase, while three-bedroom units increased by 11.4 percent, averaging $2,514.

Studios, which are the most economical option, achieved the lowest year-over-year growth with an increase of 11.3 percent, averaging $1,511 in rental prices.

Also, the average rents requested for purpose-built apartments and residential apartments hit a record of $2,078 in September, up 1.6 percent month-over-month and 13.3 percent year-over-year.

Nova Scotia and Alberta Lead Rental Growth:

Breaking down the data by region, Nova Scotia and Alberta led the provinces in rent growth for both purpose-built apartments and residential apartments in September, at rates of 15.4 percent and 15.3 percent respectively.

Nova Scotia outpaced Alberta with an average rent requested for apartments reaching $2,088, while Alberta rose to $1,663.

Quebec also achieved the third fastest annual growth rate at 13 percent, followed directly by British Columbia at 12.3 percent.

Despite having one of the highest year-over-year growth rates, rents requested in Quebec remained below the national average at $1,970, while rents requested in British Columbia were below the national average at $1,970. It had the highest average among all provinces at $2,656.

In Ontario, the annual growth rate slowed from 9.9 percent in August to 6.6 percent in September. Rents requested in the province also fell by 0.4 percent month-over-month. However, despite this glimpse of financial hope, Ontario still enjoys the second highest average rent by province at $2,486.

Similarly, the Prairie provinces remained the most financially affordable locations, with both Saskatchewan and Manitoba seeing the slowest annual rental growth in September at 3.8 percent and 3.1 percent respectively.

The average rents requested in Saskatchewan were $1,115 and $1,431 in Manitoba.

Toronto Rental Market Slows, Vancouver City Grows:

While most major markets across Canada saw strong rent increases, there was a noticeable slowdown in Toronto compared to August. The rent growth in Canada’s most populous city slowed from 8.7 percent to 2.3 percent, making it the slowest annual rate increase in two years.

Although the average monthly rents in Toronto did not change significantly, this city still has the second highest demand rate at $2,902. Directly behind Vancouver with an average of $3,339, representing a 7.7 percent year-over-year increase.

Among the largest markets in Canada, Calgary maintained its top position for annual growth as the asking rents reached an average of $2,091, or a 14.3 percent increase in September.

Montreal also saw a rent increase of 10.2 percent, raising the average asking rent to $2,030.