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 percent increase year-over-year.
The data released on Dec. 15 by Rentals.ca and Urbanation, which analyzes monthly listings from the former’s network, showed the annual rate of rent growth in Canada continues to slow, following increases of 9.9 percent in October and 11.1 percent in September.
The average cost of a one-bedroom unit in November was $1,911, up 13.6 percent from the same month in 2022, while the average asking price for a two-bedroom was $2,260, up 10.5 percent annually.
There were notable slowdowns in two of Canada’s most expensive major cities for renters, according to the report.
Vancouver saw asking rents rise 0.7 percent from last year to $3,171, while average asking rents in Toronto decreased 2.4 percent to $2,913. Month-over-month, asking rents for apartments fell 1.4 percent in Vancouver and increased 0.2 percent in Toronto.
Meanwhile, Edmonton overtook Calgary as the leader in rent growth among major markets, as average asking rents in the provincial capital rose 11.9 percent compared with a year ago to reach $1,472. In the southern Alberta city, asking rents increased 10.4 percent to an average of $2,081.
The report also said Montreal experienced a “somewhat slower rate” of increases in asking rents in November compared with previous months, recording annual growth of 8.5 percent to reach an average of $2,048. Average asking rents increased 6.8 percent annually in Ottawa to $2,238.
Rentals.ca and Urbanation also noted 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 percent over the past year to a record high of $960.
Shared accommodation rents increased fastest in Quebec at 26.2 percent year-over-year, reaching an average of $923 last month.
