Average Asking Rents Hit Record-High of $2,178 in December 2023: Report

Published on January 15, 2024

Average asking rents in Canada saw a record-high as 2023 came to a close, reaching a historic $2,178, according to the latest report from Rentals.ca. This marked an 8.6 percent increase from $2,005 a year ago in December 2022. According to the “January 2024 Rentals.ca Report,” asking rents in Canada grew by a total 22 percent over the past two years, translating to an average monthly increase of $390. The 8.6 percent increase in rents in 2023 followed a 12.1 percent increase in 2022 and a 4.6 percent uptick in 2021. The five-year average annual increase in asking rents stood at 4.9 percent, including the 5.4 percent dip in 2020 due to the impact of the COVID-19 pandemic....

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