Rental Rates In Canada Begin To Stabilize

A new report shows that rental rates in Canada are starting to stabilize, a relief for the nearly 40% of Canadians worried about rising housing costs. In August, the average rent increased by just 3.3% year-over-year, the slowest growth in nearly three years. This slowdown is attributed to a boost in housing supply and changes in population policies. While B.C. and Ontario saw rent decreases and Calgary’s asking prices fell for the first time since 2021, Edmonton’s rents rose by 9.2%. Despite this, many Canadians remain concerned about housing affordability, with B.C. facing the highest level of worry.