Annual Rent Increases Slowing as Average Asking Price Reaches $2,174 in November

A report says the average asking price for a rental unit in Canada was $2,174 in November, relatively flat from the previous month but an 8.4 percent increase year-over-year. The data released on Dec. 15 by Rentals.ca and Urbanation, which analyzes monthly listings from the former’s network, showed the annual rate of rent growth in Canada continues to slow, following increases of 9.9 percent in October and 11.1 percent in September. The average cost of a one-bedroom unit in November was $1,911, up 13.6 percent from the same month in 2022, while the average asking price for a two-bedroom was $2,260, up 10.5 percent annually. There were notable slowdowns in two of Canada’s most expensive major cities for renters, according to the report....