Canadian rents have hit a new high, averaging $2,202 a month, up from the previous record of $2,188. The latest national rent report from Rentals.ca and Urbanation shows a 9.3% year-over-year increase for May, continuing the trend of a 9.1% annual rise over the past three years.

Vancouver and Toronto are stabilizing at near-record highs, with one-bedrooms at $2,671 and $2,479, respectively. Vancouver remains the priciest city, with two-bedrooms at $3,628, while in Toronto, two-bedrooms average $3,284. Meanwhile, mid- and small-sized cities are seeing double-digit rent increases, with Edmonton leading rent growth among major cities at 14.6%. Despite significant increases, Calgary’s average asking rent of $1,507 still remains lower than Edmonton’s at $2,089. Ontario experienced a slight increase to $2,423 after a dip in April, while BC holds the highest average rents at $2,526. Quebec is the only province with a monthly decline in rents, yet its asking rents are still up 6.7% from last year.

When it comes to housing types, purpose-built rental apartments saw a 13.7% annual rent increase, much higher than the 3.4% rise for condos. Studio apartments in purpose-built rentals experienced the fastest growth at 17.8%, now averaging $1,615.