Canada Mortgage and Housing Corp. says the national average rental cost rose by three per cent last year as the vacancy rate for purpose-built rental apartments held steady.

The federal housing agency says the average rent for a two-bedroom home in the areas it studied increased to $1,167 last year.

The markets with the highest average monthly rents continued to be Vancouver and Toronto, where rents were $1,824 and $1,679 respectively.

Montreal had the lowest rent levels with an average monthly rent of $932.

The national vacancy rate sat at 3.1 per cent last year, though rates declined in 21 of the 37 markets CMHC analyzed, including Vancouver, Calgary, Victoria, and Halifax.

Rates increased in three locations, including Toronto, while holding steady in the remaining 13 areas, including Montreal.

The Canadian Press

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