Are you planning to move to Canada and are wondering about the current rental market conditions? The January 2024 Rental Report by Rentals.ca revealed some interesting insights that you might find useful.
According to the report, the average asking rent for all residential property types in Canada reached a record high of $2,178 at the end of 2023. This represents an 8.6% increase from the previous year, with rents increasing by a total of 22% over the past two years.
The growth in rent prices varied across different types of properties. Apartments saw the fastest growth in 2023, with an average rent of $2,076 and a 12.8% increase. One-bedroom apartments also experienced a 13% growth in rent, reaching an average price of $1,932. On the other hand, two-bedroom rents averaged $2,301, increasing by 9.8% year over year.
When it comes to provincial and municipal overview of rent prices, Alberta witnessed the fastest-growing rents for condominiums and apartments in 2023. The province’s major cities, Calgary and Edmonton, had the highest rent growth rates, with rents rising by 14% and 13.5% respectively.
Despite recording a 1.4% decrease in rent prices compared to the previous year, British Columbia remained the most expensive province to rent, with an average asking rent price of $2,500. Ontario followed closely with an average rent of $2,446, increasing by 3.7% in 2023.
The Rental Report also provides insights into the expected rental market conditions for 2024. They anticipate a more balanced market, with rent growth getting closer to the five-year average of approximately 5%. Furthermore, they expect continued increase in apartment construction and tenant turnover in 2024. This is likely to add more supply to the market and help slow down price growth.
If you are considering moving to Canada or wanting to know more about Canadian immigration, visit the Canada Visa Assessment Form on the official website. Check your eligibility and take the next step in making your move to Canada a reality.
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