Rental price growth slows in Canada: report

By: 600011 On: Dec 20, 2023, 5:53 PM

A report released by and Urbanation indicates that rent growth in Canada is slowing. The annual growth rate of rental housing showed a slowdown after rising 9.9 percent in October and 11.1 percent in September. The median price for a one-bedroom unit in November was $1,911. Compared to the same month in 2022, there was an increase of 13.6 percent.Meanwhile, a two-bedroom went for $2,260. It recorded an annual increase of 10.5 percent.

Rents in Vancouver, one of Canada's most expensive cities, rose 0.7 percent from last year to $3,171. Rents in Toronto fell 2.4 percent to $2,913. Month-on-month, apartment rents fell 1.4 percent in Vancouver and rose 0.2 percent in Toronto, the report said.Edmonton also outpaced Calgary in terms of rent increases in key markets, the report said. Rents in Edmonton rose 11.9 percent from a year ago to $1,472.