Montreal asking rents up nearly 71% since 2019, says StatsCan | CBC News

Montreal has experienced the highest increase in rental prices among major Canadian cities, with a nearly 10% rise in 2023. This surge is attributed to high immigration and elevated interest rates that have slowed home-buying, thus increasing rental demand. While vacancies in the city have become tighter, the supply of rental units hasn't met the demand. With the cost of living rising, renters are feeling the pressure, especially when new leases are negotiated. Such changes are prompting concerns over affordable housing availability in Montreal.