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New renters in Canada may breathe a little easier as the average asking rents across the country dropped to the lowest level since July 2023, marking the fifth consecutive month of rent declines in Canada, the latest National Rental Report by the website Rentals.ca and Urbanation said.
The average asking rent for all residential properties in Canada fell to $2,088 in February, marking a 4.8 per cent ($105) annual decline, the largest since April 2021,according to the report. This in sharp contrast to last year, when rents rose by $209 a month from February 2023 to February 2024.However, these declines come after steep rise in rents and the high cost of living after the COVID-19 pandemic. Despite recent declines, rents remain 5.2 per cent higher than two years ago and 16.9 per cent above pre-pandemic levels.This may be because rental supply in Canada was outweighing demand, Shaun Hildebrand, president of Urbanation, said. “Apartment completions are currently running at record highs, while at the same time, population growth has slowed and the economy faces heightened risks due to a potential trade war with the U.S. Expect rents to continue decreasing in the near term as these trends likely remain in place,” Hildebrand said in a statement.Overall, Canada saw an annual decline in average asking rents for apartments by 2.9 per cent to $2,084 a month.
Calgary saw the steepest decline in rents, with rents for apartments falling seven per cent to $1,916.Toronto saw a significant drop too, with a 6.7 per cent drop to $2,615Vancouver saw a decline of 4.8 per cent to $2,870.
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Rents fell across all unit types in Toronto, Vancouver, and Calgary, with the steepest declines for studio and one-bedroom apartments.Some cities, however, saw sharp increases in rents.
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Quebec City had the highest hike, with a 12.3 per cent increase in asking rent compared to this time last year.Oakville, Ont. saw a rent increase of 12.1 per cent.Saskatoon saw average asking rents increase by 10.3 per cent.However, Quebec also had the area with the biggest decline in rent. Cote Saint-Luc in Montreal saw a drop in asking rent of 18.2 per cent. Ontario had the two cities with the next biggest declines in asking rent, with Kingston seeing drop of 10.9 per cent and Windsor seeing a 6.1 per cent drop.Ontario had the overall largest decline in asking rents for apartments at 4.2 per cent to $2,329, followed by British Columbia (1 per cent to $2,457) and Quebec (0.6 per cent to $2,329).Rents increased in Alberta (1.4 per cent to $1,732) and Nova Scotia (1.2 per cent to $2,171), while Saskatchewan (5.2 per cent to $1,329) and Manitoba (3.4 per cent to $1,606) recorded the strongest rent growth.
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