Average monthly rent prices surged 12% in October: Report

Canadians are continuing to pay more for rent, with prices climbing by almost 12 per cent in October, according to a report by Rentals.ca.

In its latest report, the Toronto-based rental company said the average rent rose 11.8 per cent in October compared to a year ago. On a monthly basis, the average rental price increased 2.2 per cent from September.

The average monthly rent for all property types hit $1,976, which was $209 more compared to the same month a year ago.