The latest National Rent Report by Rentals.ca and Urbanation revealed that the average asking rent for an apartment reached an all-time high in July of $ 2,078 a month, a 8.9% annual increase. This is due to a surge in post-secondary students signing leases before the fall term, population growth at an unprecedented level driven by immigration, and homebuyers temporarily sidelined by the Bank of Canada’s latest interest rate increase to a 22-year high. This has resulted in unaffordable housing for 4.4 million Canadians who rent their homes and make up a third of all households in Canada