Canadian renters are experiencing a welcome decline in apartment rents for the fourth consecutive month. Factors such as economic risks, reduced immigration, and high apartment completions are driving this trend, according to Urbanation. The most significant relief is being felt in Ontario and Toronto, while other provinces show more modest changes. While purpose-built rentals saw only a small decrease, shared accommodations experienced a larger drop.
Canadian renters are experiencing a welcome respite as apartment rents continue to fall for the fourth consecutive month. January marked a slight dip in the national average, dropping from $2,109 to $2,100 per month compared to December. However, on an annual basis, rent prices have declined by 4.4%, or $96, reaching an 18-month low.
This downward trend, according to Shaun Hildebrand, President of Urbanation, is driven by a confluence of factors including heightened economic risks, reduced international population inflows, and record-high apartment completions. He predicts this trend will continue, resulting in improved affordability for renters in the coming months.The most significant relief is being felt in Ontario, where average rent plummeted by 5.2% annually to $2,329 per month. Toronto led the pack with a 7.6% decline, pushing average rent down to $2,615, a 30-month low. While British Columbia saw a smaller 2.6% annual decrease, it remains the costliest region with an average rent of $2,463. Vancouver, grappling with a 14-month rent decline, witnessed a 5.2% year-over-year drop to $2,896 in January. Other provinces exhibited more modest changes, with Nova Scotia recording a 0.7% dip and Quebec a slight 0.4% increase. More affordable markets like Alberta, Saskatchewan, and Manitoba saw 2-3% annual increases in average rent. However, Calgary bucked the trend with a 6% decrease to $1,925.The secondary market bore the brunt of the decline, with condominium apartments experiencing a 6.5% year-over-year drop to an average of $2,219. House and townhome rents also fell, declining by 8.9% to $2,144. Purpose-built rentals, however, saw a more modest 1.7% drop overall. Studio and three-bedroom apartments in purpose-built buildings actually saw increases of 0.5% and 2.1% year-over-year, respectively. Shared accommodations, with a 42% surge in listings in January, experienced a 7.6% annual decrease to $933, the lowest level in 18 months. Alberta and Ontario led the way in roommate rent decline, dropping 2.7% and 2.6% year-over-year, respectively
RENT PRICES CANADA ONTARIO TORONTO AFFORDABILITY HOUSING MARKET ECONOMIC RISKS IMMIGRATION
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian Rent Prices Continue to Fall, Offering Relief for RentersThe latest National Rent Report reveals a fifth consecutive month of rent declines across Canada, with prices falling even in historically expensive cities like Toronto. The average rent for a home in Toronto is now $2,632, 6.4% to 7.2% cheaper than the same time last year for one and two-bedroom units respectively. Nationally, the average rent has dropped to $2,109, a 17-month low.
Read more »
Canadian News Roundup: Rent Relief, Film Festival, and MoreThis week's news highlights include potential rent relief for Canadians, a film festival showcasing Nova Scotia's history, the passing of Bill Wilson, and other notable events across the country.
Read more »
'Turning point': Rent prices should see relief this year, but markets still tightFor Canadian renters, it may feel like the years since the COVID-19 pandemic have brought one hit after another. After a 4.6 per cent increase in the average asking price of a rental unit in 2021, monthly payments surged 12.
Read more »
'Turning point': Rent prices should see relief this year, but markets still tightFor Canadian renters, it may feel like the years since the COVID-19 pandemic have brought one hit after another. However, experts say the rental market across the country seems poised for a cool-down in 2025 as more supply opens up and some look to buy their first home.
Read more »
Legal Arguments Continue in Sexual Assault Case Against Former Canadian Junior Hockey PlayersFive former members of Canada's world junior hockey team face sexual assault charges stemming from an alleged incident in London, Ontario, nearly six years ago. Dillon Dube, Carter Hart, Michael McLeod, Cal Foote, and Alex Formenton are scheduled for trial this spring. McLeod faces an additional charge of being a party to the offence of sexual assault. All five players are expected to plead not guilty.
Read more »
Legal Arguments Continue in Sexual Assault Case Against Former Canadian Junior Hockey PlayersFive former members of Canada's world junior hockey team are facing trial this spring for alleged sexual assaults committed during the 2023 tournament. Legal arguments are expected to continue this week as the case moves forward.
Read more »