By Staff
December 13th, 2023
BURLINGTON, ON
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level.
Toronto finished third on the list of 35 cities for average monthly rent in November for a one-bedroom at $2,594 and for average monthly rent for a two-bedroom at $3,450.
Other Greater Toronto Area cities and areas include:
Oakville came in fourth on the list in November with an average monthly rent for a one-bedroom at $2,532 and $3,332 for a two-bedroom.
Mississauga came in fifth on the list of 35 cities for average monthly rent in November for a one-bedroom at $2,322 and $2,821 for a two-bedroom.
In Burlington, residents of a 9 or 10 storey apartment building owned by Sun Life Insurance have been advised that 1 bedroom unit will be priced at $2,400; a 2 bedroom unit at $2,800 and a 3 bedroom at $3,400.
Rents Up 8% Annually in Canada Despite Slowdown in Vancouver and Toronto
Asking rents for all residential property types in Canada averaged $2,174 in November, holding close to the record high in October ($2,178) with a 0.2% month-over-month decrease.
The annual rate of rent growth in Canada moderated for the third consecutive month. Asking rents increased 8.4% year-over-year in November, compared to annual growth rates of 9.9% in October and 11.1% in September.
“Rent inflation in Canada is slowly starting to moderate, a trend being led by a notable slowdown in rents in the country’s most expensive big cities of Vancouver and Toronto. Renters are adjusting to record high housing costs by shifting into less expensive markets,” said Shaun Hildebrand, president of Urbanation.
Studio apartment rents accelerated to an annual growth rate of 12.1% in November, while one-bedroom apartments maintained the strongest annual rent growth at 13.6%, although at a slower pace compared to previous months. Furthermore, Two-bedroom apartments saw a slowdown in annual rent growth from 11.8% in October to 11.2% in November.
Canada’s 25 most expensive small and medium-sized markets are concentrated in British Columbia, Ontario, and Quebec, with Greater Vancouver and Greater Toronto dominating the top rankings. Côte Saint-Luc in Quebec remained the fastest-growing market for apartment rents in October, with a remarkable 29.4% annual increase.
Average asking rents for shared accommodations in British Columbia, Alberta, Ontario, and Quebec reached a record high of $960, growing by 16.2% over the past year. Quebec experienced the fastest growth in shared accommodation rents at 26.2%, with an average of $923, including Montreal’s average of $956.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on national, provincial, and municipal levels across all listings on the Rentals.ca Network for Canada. The data from the digital rental platform Rentfaster.ca is incorporated into this report.
Rentals.ca Network data is analyzed and the report is written by Urbanation, a Toronto-based real estate research firm providing in-depth market analysis and consulting services since 1981.
*The data includes single-detached homes, semi-detached homes, townhouses, condominium apartments, rental apartments and basement apartments (outlier listings are removed, as are single-room rentals.)
