Maple News reports that the Canadian rental market continues to tighten, with nationwide rents reaching new highs in November 2023. According to the latest data from the Rentals.ca National Rent Report, the average monthly rent across Canada hit $2,178 in October—marking the sixth consecutive month of increases and a $175 jump over the past six months alone.
Year-over-year, rents rose by nearly 10%—the second-fastest growth rate recorded in the past seven years. The surge is largely attributed to population growth and limited housing supply, particularly in provinces like Alberta, Quebec, and Nova Scotia, where newer rental units are entering the market at higher price points.
Vancouver, British Columbia, remains Canada’s most expensive city for renters. The average rent for a one-bedroom sits at $2,872, while two-bedrooms are commanding $3,777. Not far behind are Burnaby ($2,647 for a one-bedroom) and Toronto ($2,607), followed by Oakville and Mississauga, both in Ontario. Fourteen of the top 25 priciest rental markets are located in Ontario, with nine in British Columbia.
Although Toronto remains one of the most expensive rental markets, it experienced a rare shift: rents dropped slightly year-over-year—a decrease of less than 1%. This represents the first annual dip in the city’s rental costs since August 2021, signaling a potential plateau in one of Canada’s tightest markets.
On the provincial level, British Columbia reported the highest average asking rents for apartments, at $2,639 in October. Interestingly, BC saw a marginal decline in rental prices for the second consecutive month, suggesting a potential cooling trend. In contrast, Ontario experienced the slowest annual rent growth among provinces at 4.6%, down from 6.6% in September.
These shifts come amid broader affordability concerns as demand outpaces supply in many regions. Migration patterns, incoming international immigrants, and a booming rental market are causing widespread pressure on available housing, especially in urban centers.
With tenants facing steep costs and market fluctuations, it’s more important than ever for newcomers and potential immigrants to Canadian cities to consider rental affordability in their settlement plans.
Maple News will continue to track these changes closely as Canada’s housing landscape evolves.