Stalled Construction and Supply Shortages Fuel Record-High Rent Prices Across Canada | 2024 liv.rent Rental Market Trend Report

VANCOUVER, British Columbia and TORONTO, Ontario and CALGARY, Alberta and MONTREAL, Quebec, Jan. 23, 2024 (GLOBE NEWSWIRE) -- 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.

Download the PDF.

Journalists may cite "liv.rent 2024 Rental Trend Report" and provide a link to https://liv.rent/blog/rent-reports/2024-canada-rental-market-trend-report/ for their audience to obtain a copy of the report.

Data Collection Methodology

The 2024 liv.rent Rental Market Trend Report uses data from our own liv.rent listings, as well as data our team manually collects from other popular listing sites. Our data collection methods differ from some government agencies like Canadian Mortgage and Housing Corporation (CMHC) and Statistics Canada in that we only include current asking rent prices. Many official reports will include data for entire buildings in their reports, which tends to skew numbers lower since many units are already occupied and may be rent-controlled or rented for significantly lower than the current rates.

For data related to influencing factors, our team refers to data from trusted sources like Statistics Canada, Canada.ca, CMHC, as well as gathering supporting information from media outlets such as CBC News, Calgary Herald, and Globe and Mail.

For more information on our data collection methodology, including what types of rental housing we look at, please consult the full report.
Note: this report may not be disseminated in its entirety. We welcome you to share and post visual assets with credit on your channels, and you can contact us at [email protected] for additional assets.

About liv.rent

Since launching in 2018, Vancouver-based liv.rent has expanded Canada-wide, transforming the way Canadians rent with the integration of technology and innovative safety measures. In addition to industry-leading verification protocols and automation features for both renters & landlords, liv.rent actively helps to combat rental scams by providing free resources and up-to-date market information for the Canadian rental community. As part of this commitment, liv.rent publishes monthly Rent Reports for Vancouver, Toronto, Montreal, and Calgary & Edmonton which provide free, in-depth insights into average rental rates in each of these regions. For more information on liv.rent, please see https://liv.rent/about.

Matisse Yiu
Marketing Manager
liv.rent
[email protected]