Canadian tenants faced another year of affordability challenges as rents crept up nationally and were particularly high in Vancouver and Toronto.
The findings from Canada Mortgage and Housing Corp.’s (CMHC) annual rental market report released Friday show the average rent for a two-bedroom home in the 37 areas the federal housing agency studied increased to $1,167 last year, a three per cent rise from $1,128 in 2020 and $1,080 in 2019.
Bob Dugan, CMHC’s chief economist, attributed the rise in rent to a supply and demand imbalance, and said the increase was also affected by the different speeds of recovery cities
