The average asking price for rental units in Canada reached $2,178 last month, marking a 9.9% year-over-year increase. This continues a trend of rising rents for six consecutive months. Vancouver remains the most expensive city for renters, followed by Toronto. Rent inflation is driven by price increases in Alberta, Quebec, and Nova Scotia, due to population growth and new rental supply. High interest rates are discouraging people from becoming homeowners, leading to a growing number of renters.