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Canada’s rent prices increased by 10% in January 2024!

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February 22, 2024

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Ishita Soni

Canada Increased Rent by 10% in 2024!

Record-High Average Rent Hits Canada in 2024.

In January 2024, the cost of renting homes in Canada reached a record high of $2,196, up 10% from the previous year, according to a Rentals.ca report. Vancouver had the highest average rent for a one-bedroom apartment at $2,700, followed by Burnaby at $2,600 and Toronto at $2,521. Overall, rental prices in Canada increased by 22% in the last two years, with an average monthly rise of $390.

Following increases of 4.6% in 2021 and 12.1% in 2022, rents increased by 8.6% in 2023.

In Canada, the cost of renting homes has been increasing a lot. Two main reasons for this are the country’s population growing a lot, reaching a record high, and it has become harder for people to afford buying homes. These factors together contribute to the strong and continuous rise in rental prices across the nation.

Asking Average rent in Canada 2024

Average rent in Canada in 2024

The cost of renting a place in Canada depends on where it is and what type of property it is. In November 2023, the average rent for all kinds of places in Canada was $2,149. The most expensive places to rent are usually big cities, and the top five priciest cities are Vancouver, Toronto, Mississauga, North York, and Brampton.

Where Can You Find the Cheapest Rent in Canada?  

In Canada, places with fewer people or in the countryside usually have cheaper rental prices. Some cities like Saskatoon, Regina, Edmonton, Quebec City, and Winnipeg are known for having lower rental costs compared to others.

But it’s important to keep in mind that rental prices can be influenced by things like how the housing market is doing in that specific area, the kind of property you’re looking at (like apartments or houses), and where exactly it is located within the city or town. All these factors can affect how much you might have to pay for rent.

Canada’s Province-Wise Average Rent

Rent in Toronto continues to rise | CP24.com

In December, British Columbia had the highest apartment rents in Canada at an average of $2,500, despite a 1.4% decrease from the previous year. In 2022, there was a significant 18.5% increase in apartment rents in British Columbia. Ontario had slightly lower average rents at $2,446, with a slower annual growth rate of 3.7% compared to the previous year’s 15.5%. Quebec experienced a faster increase in rents in 2023 (10.0% compared to 6.9% in 2022), reaching an average of $1,953 in December. Nova Scotia, after a 31.4% increase in 2022, saw a 2.4% decrease in rents annually, reaching an average of $2,129 in December 2023.

Get in touch with SPS Canada

Receive professional advice on any of your questions regarding Canadian immigration. get in touch with us, experienced immigration consultants from SPS Canada. For additional information, contact support@spscanada.com (Canada) or support.amd@spscanada.com

(Ahmedabad), or by phone at (1) 905-362-9393 (Canada) or +919586226232 (Ahmedabad).

 

 

 


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