The price of rent in Canada rose 7.7 per cent year-over-year in December, according to Statistics Canada.

December’s increase followed a 7.4 annual rise in November.

Rent was among the major accelerating factors on the overall Consumer Price Index (CPI) for the month, which was up 3.4 per cent annually.

StatCan noted that the high-interest-rate environment has driven up the cost of home ownership and put pressure on the rental market as a result.

Ontario and British Columbia contributed the most to the increase in rent prices, with price increases of 6.9 per cent and 8.6 per cent, respectively.

Meanwhile, Prince Edward Island reported an annual decline in rent prices of -0.9 per cent.