STALLED CONSTRUCTION AND SUPPLY SHORTAGES FUEL RECORD-HIGH RENT PRICES ACROSS CANADA
liv.rent’s recently released 2024 Rental Market Trend Report unveils surprising trends that renters and landlords should be aware of. This report delves into crucial rental data from 2023, covering rent prices, construction trends, and migration patterns to provide a snapshot of the current Canadian rental market and the primary forces shaping its ongoing dynamics.
Inside the 43-page report, you’ll find new data and exclusive insights drawn from liv.rent’s own rental market analysis and supported by data from government agencies. These observations are accompanied by visual assets created by liv.rent. Average rent price data is based on liv.rent’s monthly Rent Reports, looking at Metro Vancouver, the Greater Toronto Area and surrounding regions, Calgary, Edmonton, and Montreal. For immigration and interprovincial migration statistics, the report examines all Canadian provinces.
Here are some examples of the exclusive insights that can be found within this report:
- Calgary may have trouble keeping up with housing demand in 2024 – Despite housing projects under construction increasing by +27% during 2023, rising interest rates and construction costs may lead to ongoing delays as there was a -4% drop in completed projects during 2023.
- For the first time since 2012, more Canadians moved out of B.C. to other provinces than into the province from elsewhere in Canada – Despite this, B.C. saw its highest annual population growth since 1974 – largely due to immigration.
- The rent price gap between the City of Toronto and cities like Markham and Mississauga is narrowing – Markham was the most expensive city to rent in the province, with an average monthly rent price of $2,312 for the year as a whole.
- Quebec had the second-lowest population growth among all Canadian provinces in 2023 – Quebec also saw the largest drop in immigration, with 12% of new immigrants to Canada settling in the province compared to 15% in 2022.
Download the full 2024 Canada Rental Market Trend Report to unlock more valuable insights and expert forecasts.
Story by: Globe Newswire
