Victoria remains in Canada's top 10 priciest cities, but 1-bedroom prices dropped 1.3% over last year
Although Canada has seen a recent decline in rent prices, reaching long-time lows in many major cities, affordability challenges persist, experts say.
Vancouver continues to lead the charts as Canada’s most expensive city, with an average rent for a single-bedroom apartment costing $2,534 last month. Yet, prices seem to have cooled down a little and rates decreased by 2.9 per cent in comparison to October and 11.9 per cent over last year - one of the steepest drops in Canada - reaching a 30-month low.
Giacomo Ladas, associate director of communications at Rentals.ca, attributed the national dip in rental prices to a combination of potential factors. The first one is a recent increase in housing stock entering the market, he explained. While rents remain high compared to historical averages, they have grown at a slower pace over the past year. On a two-year scale, rents are up 6.7 per cent, and compared to three years ago, they’ve risen 18.8 per cent.
“Declines so far are mainly focused within the secondary market for condos and houses, mostly in B.C. and Ontario, while purpose-built rents are stable.”
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