Maple News reports that rental prices across Canada surged to historic levels in 2023, with the national average asking rent reaching $2,178 by December. This marks an 8.6% year-over-year increase from 2022, when average rents stood at $2,005. Over the past two years, rents have climbed a total of 22%, adding about $390 to the average monthly cost of housing.
These figures reflect sustained upward pressure in Canada’s housing market, following annual increases of 12.1% in 2022 and 4.6% in 2021. The trend is stark when compared to the five-year national average growth of 4.9%, highlighting the affordability challenges faced by renters nationwide.
Apartments—though still the most affordable residential type—recorded the steepest growth among all categories in 2023. The average rent for apartments rose by 12.8% to $2,076. In contrast, condominium rentals averaged $2,340 with a 6.9% increase, while single-family homes averaged $2,354, growing by 5.9%.
Smaller units were especially impacted. One-bedroom apartments saw a 12.7% surge in rent prices in 2023, with average rates reaching $1,932. Studio apartments also experienced strong growth, rising 11.9% to $1,552. Two-bedroom units increased by a more modest 9.8%, averaging $2,301 nationwide.
Regionally, Alberta led Canadian provinces in rental growth. The province experienced a 15.6% annual jump in December 2023, with average rents for apartments and condos at $1,691. This continues Alberta’s trend from 2022, when rents increased by 16.8%. Major Alberta cities also topped the charts: Calgary rents jumped 14%, while Edmonton climbed 13.5%.
British Columbia remained Canada’s most expensive province for renters despite a decline of 1.4% in average rent prices. The average asking rent in B.C. stood at $2,500 at the end of 2023. This slight decrease follows a dramatic 18.5% increase in 2022, suggesting a marginal cooling in one of Canada’s priciest rental markets.
Maple News notes that these developments reflect broader economic pressures, including high interest rates, population growth from immigration, and a continued lack of affordable housing supply. The cost of renting in Canada is expected to remain a critical issue in national policy discussions throughout 2024.