The Globe and Mail reports in its Wednesday edition that a flood of new rental units slowed the pace of apartment rent increases this year, and that trend is likely to continue in 2025 with another wave of apartment buildings under construction. The Globe's Rachelle Younglai writes that the average monthly rent of a two-bedroom rental apartment across the country was $1,447 in October, up 5.4 per cent from 2023, according to the annual rental report from Canada Mortgage and Housing Corp. (CMHC), released Tuesday. That compared with an increase of 8 per cent from 2022 to 2023. Among the country's largest rental markets, Toronto had the smallest increase, with the average monthly rent up by 2.7 per cent in 2024. That compared with an 8.8-per-cent rise in 2023. Halifax's average monthly rent climbed by 3.8 per cent this year compared with 11 per cent in 2023. Vancouver, Montreal and Calgary each had smaller rental rate increases this year compared with 2023, while Ottawa and Edmonton saw rental rates climb at a quicker pace than last year. CMHC said a raft of new rental apartments, also known as purpose-built rentals, kept rental rates from soaring. At the same time, thousands of new condo units also came onto the market.