Housing costs in Canada reached a 3-decade peak

Posted on September 22, 2023   |  

As of August 2023, Canadians are grappling with housing costs at their highest levels in the past three decades.

In August, shelter prices saw a 6% year-over-year increase, following a 5.1% rise in July.

Rent costs led this surge, with a 6.5% year-over-year increase nationwide, following a 5.5% jump in July.

Canada's national average rental price in August reached $2,117, representing a monthly increase of 1.8% and an annual surge of 9.8%.

Several factors contribute to these higher rental prices, including a heightened interest rate environment, population growth, and increased borrowing costs from banks. 

Furthermore, rental prices accelerated slightly faster in August, increasing by 30.9% compared to 30.6% in July.