Annual rent increases slowing as average asking price reaches $2,174 in November
A report says the common asking value for a rental unit in Canada was $2,174 in November, comparatively flat from the earlier month however an 8.4 per cent improve year-over-year.
The information launched Friday by Rentals.ca and Urbanation, which analyzes month-to-month listings from the previous’s community, confirmed the annual charge of hire development in Canada continues to gradual, following will increase of 9.9 per cent in October and 11.1 per cent in September.
The common value of a one-bedroom unit in November was $1,911, up 13.6 per cent from the identical month in 2022, whereas the common asking value for a two-bedroom was $2,260, up 10.5 per cent yearly.
There have been notable slowdowns in two of Canada’s costliest main cities for renters, in accordance with the report.
Vancouver noticed asking rents rise 0.7 per cent from final yr to $3,171, whereas common asking rents in Toronto decreased 2.4 per cent to $2,913. Month-over-month, asking rents for flats fell 1.4 per cent in Vancouver and elevated 0.2 per cent in Toronto.
Meanwhile, Edmonton overtook Calgary because the chief in hire development amongst main markets, as common asking rents within the provincial capital rose 11.9 per cent in contrast with a yr in the past to achieve $1,472. In the southern Alberta metropolis, asking rents elevated 10.4 per cent to a mean of $2,081.
The report additionally stated Montreal skilled a “somewhat slower rate” of will increase in asking rents in November in contrast with earlier months, recording annual development of 8.5 per cent to achieve a mean of $2,048. Average asking rents elevated 6.8 per cent yearly in Ottawa to $2,238.
Rentals.ca and Urbanation additionally famous that common roommate rents are nearing 4 figures, with the asking value for shared lodging in B.C., Alberta, Ontario and Quebec rising 16.2 per cent over the previous yr to a document excessive of $960.
Shared lodging rents elevated quickest in Quebec at 26.2 per cent year-over-year, reaching a mean of $923 final month.
This report by The Canadian Press was first printed Dec. 18, 2023.
