The annual rate of rent growth in Canada moderated for the third consecutive month, with the average asking rent for all property types coming in at $2,174 in November. This represents a slight 0.2 per cent decrease from October’s high, according to the latest data from Rentals.ca and Urbanation.

“Rent inflation in Canada is slowly starting to moderate, a trend being led by a notable slowdown in rents in the country’s most expensive big cities of Vancouver and Toronto,” said Shaun Hildebrand, president of Urbanation. “Renters are adjusting to record high housing costs by shifting into less expensive markets,”

Studio apartment rents accelerated to an annual growth rate of 12.1 per cent in November, while one-bedroom apartments maintained the strongest annual rent growth at 13.6 per cent, although at a slower pace compared to previous months. Meanwhile, two-bedroom apartments saw a slowdown in annual rent growth from 11.8 per cent in October to 11.2 per cent in November.

Regional variations were observed, with Alberta leading in annual growth with a year-over-year increase of 16.1 per cent to reach an average of $1,695. British Columbia, despite having the highest average apartment rents at $2,582, experienced a 2.2 per cent decrease and a notable slowdown in annual growth to 6.5 per cent in November.

Edmonton surpassed Calgary as the leader in rent growth among Canada’s largest markets, with asking rents for apartments rising by 11.9 per cent from a year ago.

Notably, Vancouver and Toronto, the nation’s most expensive cities, experienced a sharp slowdown in rent increases. Vancouver’s average asking rents increased by 0.7 per cent annually to $3,171, while Toronto’s average apartment rents decreased for the second straight month, down 2.4 per cent to $2,913.

Canada’s 25 most expensive small and medium-sized markets are concentrated in British Columbia, Ontario, and Quebec, with Greater Vancouver and Greater Toronto dominating the top rankings. Côte Saint-Luc in Quebec remained the fastest-growing market for apartment rents in October, with a remarkable 29.4 per cent annual increase.

Average asking rents for shared accommodations in British Columbia, Alberta, Ontario, and Quebec reached a record high of $960, growing by 16.2 per cent over the past year.

For the full National Rent Report, visit Rentals.ca