Data from and Urbanation reveals a moderation in the annual rate of rent growth in Canada. The average asking price for rental units in November reached $2,174, reflecting an 8.4% YoY increase but remaining relatively flat from the previous month. One-bedroom units averaged $1,911, up by 13.6% from November 2022, while two-bedroom units were at $2,260, reflecting a 10.5% YoY increase.


Notable trends in major cities include Vancouver experiencing a 0.7% YoY increase to $3,171, and Toronto seeing a 2.4% decrease to $2,913. Edmonton surpassed Calgary in rent growth with a 11.9% increase to $1,472, while Calgary observed a 10.4% rise to $2,081.


Montreal reported an 8.5% annual growth to $2,048, and Ottawa witnessed a 6.8% increase to $2,238. Additionally, shared accommodation rents are nearing four figures, reaching a record high of $960, with Quebec leading at a 26.2% YoY increase to $923.


The overall data suggests a gradual slowdown in rent growth, providing insights into the evolving Canadian rental market.


Source: Times Colonist