By Sammy Hudes
The report from Leases.ca and Urbanation discovered common asking rents throughout Canada sat at $2,152 in October, down 1.2% from the identical month in 2023 — the primary nationwide lower since July 2021.
The decline is principally concentrated in Canada’s main city centres, with cities like Toronto, Vancouver, Calgary, and Montreal seeing hire decreases.
Urbanation president Shaun Hildebrand mentioned it’s uncommon for rents to say no year-over-year on the nationwide stage.
“That is occurring as the important thing drivers of hire development lately — a strengthening economic system, rapidly rising inhabitants, and worsening homeownership affordability — are starting to reverse,” mentioned Hildebrand.
“Because of this, we will seemingly anticipate this pattern for rents to proceed within the near-term, notably as condo completions stay at document highs.”
B.C. and Ontario recorded essentially the most vital annual hire decreases among the many provinces, with the previous seeing common asking rents for flats down 3.4% to $2,549 and the latter recording a 5.7% drop to $2,350.
Rents rose 17.1% in Saskatchewan, which remained the fastest-growing province within the nation by way of asking worth, after seeing 23.5% annual development in September.
By metropolis, Toronto recorded the biggest annual decline in asking rents for flats in October, at 9.2%, to succeed in a mean of $2,642. Vancouver noticed an 8.4% year-over-year hire decline to a mean of $2,945, whereas Calgary condo rents fell 4.7% to $1,995.
In Montreal, common rents had been down 2.9% at $1,987. Ottawa condo rents held regular with a 0.4% annual enhance to succeed in $2,207.
Nevertheless, Edmonton led hire development in Canada’s largest markets as condo rents rose 8.4% yearly to a mean of $1,584.
Primarily based on the report, the common asking hire for a one-bedroom unit in Canada was $1,923 in October, down 0.8% from a yr in the past. The typical asking worth for a two-bedroom unit was $2,308, down 0.2%.
General, asking rents for purpose-built rental flats in October rose 1.7% in contrast with a yr earlier to succeed in a mean of $2,100.
In the meantime, condominium condo rents, which averaged $2,265, had been down 3.8%.
This report by The Canadian Press was first printed Nov. 7, 2024.
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Final modified: November 7, 2024