Life in Canada
Average Rental Rates in Canada Record High in 2024
In real estate, the spotlight has turned to the rising figures of the Canada rental market. A recent report from Rentals.ca, dated February 14, has published a striking revelation – the average asking rent in Canada has surged to a record high of $2,196 in January 2024, marking a noteworthy 10% increase compared to 2023.
In 2024, Vancouver claimed the crown for the highest average rent for a one-bedroom apartment, standing at $2,700. Following closely were Burnaby at $2,600 and Toronto at $2,521. The overall surge in asking rent across Canada over the past two years amounted to an impressive 22%, translating to an average monthly increase of $390.
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Rental Breakdown by Provinces
According to the province, Alberta emerged as the leader in terms of the fastest-growing rents, witnessing a remarkable 15.6% yearly increase. The average rent in Alberta reached $1,691, showcasing the varied economic dynamics influencing rental trends in Canada.
Province Average Rent Studio 1 Bedroom 2 Bedroom 3 Bedroom Canada $2,116 $1,552 $1,932 $2,301 $2,579 Alberta $1,691 $1,083 $1,503 $1,864 $2,043 British Columbia $2,500 $1,976 $2,217 $2,769 $3,261 Manitoba $1,541 $903 $1,331 $1,690 $1,898 Nova Scotia $2,129 $1,688 $1,845 $2,302 $2,897 Ontario $2,446 $1,840 $2,238 $2,694 $3,070 Quebec $1,953 $1,425 $1,679 $2,130 $2,437 Saskatchewan $1,254 $906 $1,146 $1,369 $1,548
Despite a modest 1.4% year-over-year decline, British Columbia maintained its status as the province with the highest apartment prices, recording an average asking rent of $2,500 in December 2023. This comes after a noteworthy 18.5% increase in apartment rents in the province in 2022.
Ontario, with an average apartment rent of $2,446 in December, exhibited a slower annual growth rate of 3.7%, compared to the previous year’s 15.5%. Quebec, on the other hand, defied the national trend by experiencing a faster increase in Canadian rent apartments in 2023 (10.0%) than in 2022 (6.9%), reaching an average of $1,953 in December.
In the cities, rent apartments in Canada, Vancouver, leads the pack in average rent across all categories, trailed by the Greater Toronto Area and the Peel Area. Quebec City and Calgary stole the spotlight among Canada’s largest markets with a million or more residents, boasting the highest annual gain in asking rents for purpose-built and condominium units.
City Average Rent Studio 1 Bedroom 2 Bedroom 3 Bedroom Vancouver $3,059 $2,348 $2,713 $3,831 $4,384 Toronto $2,832 $2,048 $2,536 $3,345 $3,843 Mississauga $2,650 $1,876 $2,386 $2,810 $3,174
The Trend of Renting in Canada
As we project into 2024, the Canadian rental market appears poised for a degree of balance, with the average 5% increase witnessed over the previous five years. Factors such as a slowing economy, improved housing in Canada activity, and a reduction in non-permanent residents may contribute to a more stabilized rental market.
In the ever-changing picture of Canada’s rental market, 2024 is all about an exciting chapter marked by record highs and shifts in Canadian immigration. The trends of provincial variations, urban landscapes, and future projections weave together to shape a better frame that mirrors the interplay between supply, demand, and the evolving Canadian dream of home.
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