National Rent Report Canadian Rent Prices Continue to Rise but at a Slower Rate

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Rent prices in Canada have continued to increase, but at a slower rate, with a year-over-year average increase of 9.7 per cent in February, according to the National Rent Report by Rentals.ca and Urbanation. This marks a significant slowdown from the record-breaking rent growth seen in 2022, which peaked at 12.4 per cent in November. The recent slowing can be attributed to high rental costs affecting affordability and an increase in new supply from apartment completions. Vancouver and Toronto remain the most expensive cities for rentals, with Montreal remaining relatively affordable. Ontario led the country with the highest increase in rent year-over-year in February.

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