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 especially concentrated in Canada’s main city centres, with cities like Toronto, Vancouver, Calgary, and Montreal seeing hire decreases.
Urbanation president Shaun Hildebrand stated it’s uncommon for rents to say no year-over-year on the nationwide stage.
“That is taking place as the important thing drivers of hire progress lately — a strengthening financial system, shortly rising inhabitants, and worsening homeownership affordability — are starting to reverse,” stated Hildebrand.
“In consequence, we are able to seemingly anticipate this development for rents to proceed within the near-term, notably as house completions stay at report highs.”
B.C. and Ontario recorded essentially the most important annual hire decreases among the many provinces, with the previous seeing common asking rents for residences 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 when it comes to asking worth, after seeing 23.5% annual progress in September.
By metropolis, Toronto recorded the biggest annual decline in asking rents for residences in October, at 9.2%, to achieve a median of $2,642. Vancouver noticed an 8.4% year-over-year hire decline to a median of $2,945, whereas Calgary house rents fell 4.7% to $1,995.
In Montreal, common rents have been down 2.9% at $1,987. Ottawa house rents held regular with a 0.4% annual enhance to achieve $2,207.
Nevertheless, Edmonton led hire progress in Canada’s largest markets as house rents rose 8.4% yearly to a median of $1,584.
Primarily based on the report, the typical asking hire for a one-bedroom unit in Canada was $1,923 in October, down 0.8% from a yr in the past. The common asking worth for a two-bedroom unit was $2,308, down 0.2%.
Total, asking rents for purpose-built rental residences in October rose 1.7% in contrast with a yr earlier to achieve a median of $2,100.
In the meantime, condominium house rents, which averaged $2,265, have been down 3.8%.
This report by The Canadian Press was first revealed Nov. 7, 2024.
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asking hire common hire worth in canada common hire costs hire costs in canada Shaun Hildebrand The Canadian Press Urbanation
Final modified: November 7, 2024
