Quebec renters have had no respite in 2023 due to the rise in rental prices, which reached an average of $1,953 last December, or 10% more than at the same time in 2022.
This is according to a report prepared by Urbanation and Rentals.ca based on monthly registrations noted on the Rentals.ca website.
Thus, Quebec was the only province to record a faster increase in apartment rents in 2023 than in 2022, where the increase was 6.9% compared to 2021.
Rents for Montrealers have not fallen since reaching an average price of $2,019 in December, representing annual growth of 11.3%.
Two suburbs of the metropolis also had some of the most expensive rents in the country: Mont-Royal with an average of $2,347 and Côte-Saint-Luc with $2,316.
Rent growth was also rapid in Pointe-Claire and Quebec, which saw the two highest annual increases of 25.6% and 18.9%, respectively.
We also find rapid growth in Laval (+15.4%), Saint-Laurent (+15.3%), Côte-Saint-Luc (+13.4%) and Longueuil (+6.8%).
An increase in Canada too
Nationally, the average rent was $2,178 in December 2023, an increase of 8.6% compared to December 2022, when the average was $2,005.
According to the data, rents in Canada have increased by 22%, or an average of $390 per month, over the past two years.
“Going into 2024, Canada's rental market will continue to be underserved, but it is expected to become somewhat more balanced this year with rental growth approaching its five-year average of about 5%,” he said.