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Canadian cities continue to navigate the rate of rent growth

The November 2023 report featured rent averages for one and two-bedroom apartments in 35 Canadian cities. The study reported a 9.9% annual rent growth rate in October, down from September's 11.1% but still the second-highest increase in seven months. Despite a slight slowdown, average rents rose by 1.4% month-over-month in October due to seasonal factors. An 8.8% ($175) six-month rent increase resulted in an average rent of $2,178 in October, marking six consecutive months of growth. The report attributes these hikes, particularly in Alberta, Quebec, and Nova Scotia, to population growth and new rental supply priced above average.

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