MISSISSAUGA, ON – Rent growth in the multi-suite residential rental sector has gained momentum in the third quarter, with rental demand surpassing supply across the country. According to Morguard’s 2023 Canadian Economic Outlook and Market Fundamentals Third Quarter Update, the average asking rent for purpose-built units in the top 35 markets in Canada increased by 14.6% year-over-year as of September 2023. This surge in rent growth is attributed to stronger-than-expected job growth and increased immigration, leading to greater rental demand.

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