Rent growth in Canada reached a record high in 2023 according to the latest multifamily report from Yardi.

The annual rate of rent growth in Canada moderated for the third consecutive month, with the average rent in November reaching $2,174.

While most major cities across Canada experienced rent growth in September, there are indications the market may be slowing.

Rent growth continues to accelerate in Canada’s apartment market as the economy outperforms expectations and demand exceeds new supply.

As reported by Urbanation, GTA condominium rents rose by nearly 17 per cent in 2022 following decreases in 2021 and 2020.