Canada's Average Rents Drop for 12th Month, Improving Affordability
Average asking rents for all residential properties in Canada have dropped significantly, marking the 12th consecutive month of decline. The latest figures show a 3.2 per cent decrease compared to September 2023, with rents now averaging $2,123 per month. This is the first two-year decline since January 2022.
The cities hit hardest by this trend are Toronto, Vancouver, and Montreal, which have seen substantial rent declines over the past two years. Condo rents have fallen by three per cent to $2,226, while houses and townhouses have experienced a sharper drop of 5.5 per cent, bringing average rents to $2,178. In Vancouver and Toronto, rents have reached their lowest levels in nearly four years. This shift has led to improved affordability for renters across many parts of Canada, with purpose-built apartments seeing a 2.1 per cent decrease to an average of $2,093. Experts attribute this trend to record high apartment completions, decreases in non-permanent residents, and a weakening job market.
With rents in Canada not having been this low in two years, tenants are experiencing improved affordability. However, the reasons behind this decline, such as record high apartment completions and population decreases, suggest a complex interplay of factors influencing the rental market.
Read also:
- India's Pragmatic Budget: Sitharaman Aims to Revitalise Growth, Alleviate Distress
- Eric Dane Diagnosed with ALS, Advocates for ACT for ALS
- Deepwater Horizon Oil Spill: BP Faces Record-Breaking Settlement - Dubbed 'Largest Environmental Fine Ever Imposed'
- Meta Unveils Ray-Ban AR Display Sunglasses; TikTok Agrees to $200 Million Deal
