(Toronto) A new report indicates that the average asking rent in Canada hit a new high in July.

Data from Location.ca and research firm Urbanation reveals that the average asking rent was $2,078 during the month.

This amount is 8.9% higher than the previous year, making it the fastest pace of growth in the last three months.

Between June and July alone, the average asking rent rose 1.8%, the fastest month-over-month increase in the past eight months.

Rentals.ca and Urbanation attribute the increase to an increase in the number of post-secondary students signing leases before the fall; to unprecedented levels of population growth; and homebuyers delaying their purchases due to rising interest rates.

“The Canadian rental market is currently facing a perfect storm of factors that are pushing rents to new heights,” said Shaun Hildebrand, president of Urbanation, in a press release.

“These include peak rental season, an open border policy for new residents, rapidly rising incomes and the worst affordability conditions. »