Canadian Rental Market Sees Unprecedented Growth with Average Rents Soaring to Record Highs
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Canada's rental market is experiencing unprecedented growth, with average asking rents surging to $2,117 in August, marking a monthly increase of 1.8% and an annual growth rate of 9.6%. Over the past three months, rents have risen by a staggering 5.1%, equivalent to a monthly increase of over $100. Despite increased rental completions, Canada's rent inflation shows no signs of slowing down, highlighting the severe shortage of rental housing across the country due to the rapidly expanding population.
Shared accommodations, such as roommate arrangements, are also in high demand, with rents for shared units increasing significantly across Canada. In Quebec, average asking rents for shared units grew by 24% annually, reaching $888 per month, while Alberta closely followed with a 20.5% annual growth, averaging $851. British Columbia saw a 17.7% annual increase in average asking rents for shared accommodations, amounting to $1,150 per month, while Ontario experienced more moderate growth of 7.5%, settling at an average of $1,040.
Read the full article on: REAL ESTATE MAGAZINE
