Canadian Rental Market Hits New Heights with Record Highs in Prices and Roommate Trends
Image by: unsplash
Rental prices in Canada reached a new high in October, averaging $2,149 per month, marking a 1.5% increase from August and an 11.1% surge annually. The report by Rentals.ca and Urbanation reveals double-digit year-over-year growth, with one-bedroom units experiencing the fastest increase at 15.5%, reaching an average of $1,905. Two-bedroom apartments averaged $2,268 (13.1% increase), while three-bedroom units rose by 11.4%, averaging $2,514. Nova Scotia and Alberta led in rent growth, with rates of 15.4% and 15.3% respectively, surpassing other provinces.
In terms of major cities, Toronto experienced a notable slowdown in rent growth, dropping from 8.7% to 2.3%, the slowest annual rate increase in two years. Despite this, Toronto still has the second-highest rent average at $2,902, following Vancouver at $3,339 (7.7% increase). Calgary maintained its lead in annual growth with an average asking rent of $2,091 (14.3% increase). Roommate rentals have become more popular, showing a 27% increase over the last three months compared to the previous year, with B.C. and Ontario leading in shared accommodation listings, increasing by 40% and 78%, respectively.
Read the full article on: CTV NEWS
