July 21st, 2024

Annual rent increases slowing as average asking price reaches $2,174 in November

By The Canadian Press on December 18, 2023.

A report says the average asking price for a rental unit in Canada was $2,174 in November, which was relatively flat from the previous month but marked an 8.4 per cent year-over-year increase. A for rent sign outside a home in Toronto on Tuesday July 12, 2022. THE CANADIAN PRESS/Cole Burston

A report says the average asking price for a rental unit in Canada was $2,174 in November, relatively flat from the previous month but an 8.4 per cent increase year-over-year.

The data released Friday by Rentals.ca and Urbanation, which analyzes monthly listings from the former’s network, shows the annual rate of rent growth in Canada continues to slow, following increases of 9.9 per cent in October and 11.1 per cent in September.

The average cost of a one-bedroom unit in November was $1,911, up 13.6 per cent from the same month in 2022, while the average asking price for a two-bedroom was $2,260, up 10.5 per cent annually.

The report says there were notable slowdowns in two of Canada’s most expensive major cities for renters. Vancouver saw asking rents rise 0.7 per cent from last year to $3,171, while average asking rents in Toronto decreased 2.4 per cent to $2,913.

Meanwhile, Edmonton overtook Calgary as the leader in rent growth among major markets, as average asking rents in the provincial capital rose 11.9 per cent compared with a year ago to reach $1,472, while the southern Alberta city saw a 10.4 per cent increase to an average of $2,081.

Rentals.ca and Urbanation also note that average roommate rents are nearing four figures, with the asking price for shared accommodations in B.C., Alberta, Ontario and Quebec growing 16.2 per cent over the past year to a record high of $960.

This report by The Canadian Press was first published Dec. 18, 2023.

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