Rent growth continues to accelerate in Canada’s apartment market as the economy outperforms expectations and rapid population growth produces demand that exceeds new supply. The average in-place rent increased by $20 in Q2 2023 to an all-time high of $1,431, while new leases not limited by rent control are increasing even more rapidly, according to Yardi. New apartment supply is expanding, but not enough to meet the needs of the record population growth.