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Guelph Amongst Fastest Growing Rental Prices Nationwide

The January 2024 Rentals.ca report provides comprehensive data on rental rates across Canada, indicating a significant rise in average rents for all residential property types.

National Overview

  • Record-High Rents: Average asking rents for all residential property types in Canada reached a record high of $2,178 in December 2023, marking an 8.6% increase from December 2022.
  • Two-Year Trend: Over the past two years, asking rents in Canada have surged by a total of 22%, averaging an increase of $390 per month.
  • Five-Year Average: The latest five-year average annual increase in asking rents was 4.9%, including a 5.4% decrease in 2020 due to COVID-19 impacts.

Rental Market Outlook for 2024

  • Market Balance: The rental market is expected to remain undersupplied but should become more balanced in 2024, with rent growth converging towards the five-year average of approximately 5%.
  • Demand and Supply Dynamics: Rental demand will likely stay strong but moderate compared to 2023. Factors influencing this include a slowing economy, fewer non-permanent residents, and improved homebuying activity as interest rates begin to decline. Increased apartment completions and tenant turnover are expected to add more supply and temper rent growth.

Provincial and Municipal Overview

  • Alberta’s Growth: Alberta experienced the fastest rent growth in 2023, with a 15.6% annual increase in December.
  • B.C. and Ontario Trends: More expensive markets like B.C. and Ontario saw rent increases below the national average.
  • One-Bedroom Apartments: Rents for one-bedroom apartments grew by 13% in 2023, with the average rent reaching $1,932.
  • Calgary and Edmonton: Among Canada’s largest cities, Calgary and Edmonton led in rent growth, with significant annual increases.

Specifics on Rental Types

  • Traditional Apartments: Traditional purpose-built rental apartments had the lowest average rents but saw the fastest growth, with a 12.8% increase in 2023.
  • Condominium and Home Rentals: These types experienced slower annual growth compared to traditional apartments.

Looking Ahead

The report anticipates that relatively affordable markets, like those in Alberta, will continue to see above-average rent increases. In contrast, more expensive markets like B.C. and Ontario are expected to have rent increases below the national average. The rental market in 2024 is projected to become somewhat more balanced, with strong but moderating rental demand and an increase in supply.

For more detailed insights and regional breakdowns, you can view the full report here.

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