An analysis of monthly rental listings in Canada by Rentals.ca and Urbanation showed that the average asking price for a rental unit in November was $2,174. This was relatively flat from the previous month but represented an 8.4 percent increase year-over-year. The data also revealed that 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.
In November, the average cost of a one-bedroom unit was $1,911, up 13.6 percent from the same month in 2022. On the other hand, the average asking price for a two-bedroom unit was $2,260, up 10.5 percent annually. Notable slowdowns in rental increases were seen in two of Canada’s most expensive major cities. Vancouver saw asking rents rise by 0.7 percent from last year to $3,171. Meanwhile, average asking rents in Toronto decreased by 2.4 percent to $2,913.
In contrast, Edmonton overtook Calgary as the leader in rent growth among major markets. The report revealed that average asking rents in Edmonton rose 11.9 percent compared with a year ago to reach $1,472. On the other hand, asking rents increased 10.4 percent in the southern Alberta city of Calgary to an average of $2,081.
The report also detailed that 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. Meanwhile, average asking rents increased 6.8 percent annually in Ottawa to $2,238.
Rental.ca and Urbanation 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. In Quebec, shared accommodation rents increased fastest at 26.2 percent year-over-year, reaching an average of $923 last month.