In November 2023, the average asking rent for residential properties in Canada remained near its record high, averaging $2,174, a slight 0.2% decrease from October, according to the latest National Rent Report from Rentals.ca and Urbanation.
Credit: Rentals.ca
Despite this, Canada’s annual rate of rent growth showed signs of moderation for the third consecutive month, with an 8.4% year-over-year increase in November, compared to 9.9% in October and 11.1% in September. This slowing trend was most notable in Vancouver and Toronto, Canada’s most expensive cities.
“Rent inflation in Canada is slowly starting to moderate, a trend being led by a notable slowdown in rents in the country’s most expensive big cities of Vancouver and Toronto. Renters are adjusting to record high housing costs by shifting into less expensive markets,” said Shaun Hildebrand, president of Urbanation in a news release.
Here are the key highlights:
- Apartment Rent Trends:
- Average rent for apartments was $2,125, up 11.2% from the previous year.
- Studio apartments saw a 12.1% increase (average rent of $1,552).
- One-bedroom apartments experienced the highest annual growth at 13.6% (average rent of $1,943).
- Two-bedroom apartments increased by 11.2% to an average of $2,324.
- Three-bedroom apartments had the slowest growth at 9.1% (average of $2,567).
- Provincial Rent Increases:
- Alberta led with a 16.1% increase in apartment rents (average of $1,695).
- Quebec and Nova Scotia also saw strong growth, albeit with a moderating pace.
- B.C.’s rents were the highest but slowed significantly, showing only a 6.5% annual increase.
- Slowest growth was in Manitoba (+4.9%) and Ontario (+5.0%).
- City-Specific Rent Trends:
- Edmonton (11.9%) outpaced Calgary (10.4% ) in rent growth among large markets.
- Vancouver’s rent increase was just 0.7%, and Toronto’s rents decreased by 2.4% annually.
- Montreal’s rent increase rate slightly slowed, while Ottawa saw a 6.8% annual increase.
- Expensive Markets:
- The most expensive markets were predominantly in Greater Vancouver and Greater Toronto.
- North Vancouver, Coquitlam, Burnaby, and Richmond were the most expensive in Greater Vancouver.
- Oakville, Richmond Hill, and Etobicoke led in the Greater Toronto Area.
- Montreal’s Mount Royal and Côte Saint-Luc were Quebec’s most expensive areas.
Credit: Rentals.ca
- Fastest Growing Markets:
- Côte Saint-Luc in Montreal had a 29.4% annual increase.
- Richmond and North Vancouver in B.C. also saw significant growth.
- In Alberta, Lloydminster and Red Deer had the fastest increases.
- Roommate Rents:
Credit: Rentals.ca
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- Average asking rents for shared accommodations reached $960, growing 16.2% over the past year.
- The highest growth in shared accommodation rents was in Quebec at 26.2%.
- British Columbia had the highest average rent for shared units at $1,121.
- Alberta rents grew 18.8% year-over-year to an average of $877 in November, including an average of $914 in Calgary and $745 in Edmonton.
The National Rent Report analyzes monthly, quarterly, and annual rental market rates and trends on a national, provincial, and municipal level across all listings on the Rentals.ca Network for Canada. Urbanation, a Toronto-based real estate research firm, analyzes Rentals.ca Network data and writes the report.