Canadian rent prices end 2023 at a record high, up 22% in two years

December 6, 2023
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Canadian rent prices end 2023 at a record high, up 22% in two years

Rent prices resumed their upward trajectory in December, ending the year 8.6% higher from a year ago.

The average rent price for all unit types rose to $2,178, according to data from Rentals.ca‘s latest monthly data. Looking back over the past two years, rent prices have risen 22%, or an average of $390 a month.

“The rate of rent growth in Canada was stronger than expected in 2023, mainly due to a surge in non-permanent residents, a resilient economy, and a sharp pullback in home buying activity,” said Shaun Hildebrand, President of Urbanation.

“While rents are expected to continue rising in 2024, there should be less upward pressure on the market this year as demand increases at a somewhat slower speed and more supply is added.”

Average Asking Rent
Provincial Overview

Source: Canadian Mortgage Trends

Summarized

Kelly MioBertolo,
Mortgage Agent
Mortgage Alliance

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