The Canada Rent Increase 2024 has remained lowest for the past 13 months. The Rent Increase rates in Canada for the past one year has remained at 7.0%. The annual increase for 2023-24 in rental prices has remained to be the lowest after many consecutive years. It is expected to grow with the same rates for the next 6 months as per the National statistics. If you are currently looking to shift in another house, then check out the latest Asking Rental Prices in all the provinces of the country. Go through the post to know the Canada Rent Increase 2024 and what is the current prices for one bed room apartment and condominiums.
Canada Rent Increase 2024 State Wise
Year on year the rental prices in the country are getting really high and the Canadian residents especially from the middle class households feel the crunch to much extreme levels. The ever growing Canada Rent Increase has been causing negative impact to the economy of the country because the international students and job seekers remain reluctant to come to the country and get settled down there. The minimum Rental prices in country are around $980 to ranging to $2724 per month for a one BHK housing facility. On month to month levels, apart from the provinces of Ontario and Quebec, all other provinces witnessed a sharp increase in the rental prices.
The province of British Columbia has remained stable in rental price increase. For the British Columbian residents, the rental increase for the past three months has remained stable still the average asking price for rents is $2550 which is quite high. Therefore, the Percentage Rent Increase has not grown but the rates are still unbearable for the residents. While the Ontario residents witnessed slight decrease in the rent prices in the past three months reducing the annual rental prices by 1.3%. After the slight decrease the average Ontario Rent Increase remained at $2382 for a one BHK housing facility.
Canada Rent Increase 2024 State Wise Overview
| Title | Canada Rent Increase 2024 |
| Country Name | Canada |
| Average Rental Increase in 2024 | 7.0% |
| Highest Rent Increase | 22.1% in Saskatchewan |
| Minimum Rent Increase | -1.3% in Ontario |
| Maximum Rent | $2724 |
| Minimum Rent | $980 |
| Official Website | www.rentals.ca |
Canada Rent Increase 2024 State Wise List
| Provinces | Average Asking Rental Price | Total Increase in Percentage |
| Alberta | $1798 | 16% |
| Atl. Can | $2145 | 16% |
| British Columbia | $2550 | 0% |
| Manitoba | $1646 | 9% |
| NT | $1844 | 4% |
| Ontario | $2382 | -1% |
| Quebec | $1979 | 5% |
| Saskatchewan | $1339 | 22% |
| Can. | $2146 | 9% |
As it is clearly visible that the province of British Columbia has topped the list of asking rental prices though it has not seen any increase in the percentage points. The Ontario residents has witnessed the lowest increase in the percentage point but it is not much less than the average national prices. The average national asking rental prices are $2550 while it is $2382 in Ontario.
The province of Saskatchewan witnessed the highest percentage annual increase in the rates though it is still much lesser than the average national asking rental prices. The Rent Increase in 2024 for the condominium studios has been down by 5% while for the apartments the asking rental prices are down by 1%.
| Category | Average Price for Rent | Total Percentage Increase |
| House | $2332 | 2.0% |
| Condominium | $2320 | 2.6% |
| Apartment | $2121 | 11.0% |
| Total | $2185 | 7.0% |
Unit Wise Canada Rent Increase 2024Â
| Provinces | 1 BHK | 2 BHK | 3 BHK |
| British Columbia | $2289 | $2874 | $3314 |
| Nova Scotia | $1988 | $2511 | $3021 |
| Quebec | $1711 | $2187 | $2545 |
| Ontario | $2171 | $2642 | $3034 |
| Manitoba | $1437 | $1815 | $2072 |
| Alberta | $1608 | $1985 | $2169 |
| Saskatchewan | $1239 | $1434 | $1734 |
Ontario’s 3 bed unit’s rental prices have hit the record high. They are even higher than the national average for the country. Even in all the three categories, the province of Ontario has topped taking the tally to the higher numbers than the national average.
Even after the annual growth rate of 22% in the province of Saskatchewan, the asking rental prices in the province are still quite below the national average. It can be said that Saskatchewan rental price increase given the current economic condition of the Canadian market is quite moderate and they are not going to be higher than the national average any time soon.
City Wise Canada Rent Increase 2024Â
- The average Asking Rental Prices in provinces of the country has been revealed but solely on the basis of the same, any prudent conclusion cannot be drawn because the rental prices in the cities are so higher than the average of whole country.
- The rapid urbanization has caused for the growth of higher rent rates in the cities. North Vancouver, Burnaby, Richmond, Langley have higher rental rates. Not only these but other highly developed cities which are crowded by the international residents have quite higher rates. And the remoter corners of the country have slightly normal Asking Rental Rates.
If you are thinking of settling down of the cities make sure that the rental prices meet your finances because they are not going to remain same continually for more than 6 months. And in times of inflation and higher cost of living, it will be pretty difficult for the middle and low income families to make their both ends meet in comparatively high rental price places.
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