According to data from Rentals.ca, the average rent in Canada for all property types at the end of 2023 was $2,178, reflecting an increase of 8.6% from December 2022.
This increase followed a 12.1% increase in 2022, and a 4.6% increase in 2021.
One-bedroom apartments had the highest increase at 12.7%, ending the year with an average of $1,932 across the country. The average rent for a two-bedroom in December 2023 was $2,301, representing a 9.8% increase, while a three-bedroom was priced at $2,579; a 9.9% increase.
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Alberta was the province with the highest rental increase in 2023, ending the year with an average of $1,691 (up 15.6% from 2022). BC and Ontario had the highest average rents in 2023 at $2,500 and $2,446, respectively.
What’s in store for the rental market in 2024
Rentals.ca is predicting the rental market will remain undersupplied in Canada as demand is expected to remain strong. They do expect the market to eventually become more balanced and only see a 5% increase in rents throughout 2024.
To see the full January 2024 rental report, visit Rentals.ca.
How are you dealing with rent increases in Canada? Tell us in the comments below or on our Facebook page.
Photo by Robert Linder on Unsplash
