this post was submitted on 08 Nov 2024
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National rent prices decline year-over-year for first time since pandemic: report (www.cp24.com)
submitted 3 months ago by RandAlThor to c/canada
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[–] [email protected] 16 points 3 months ago (1 children)

Based on the report, the average asking rent for a one-bedroom unit in Canada was $1,923 in October, down 0.8 per cent from a year ago. The average asking price for a two-bedroom unit was $2,308, down 0.2 per cent.

Oh, be still my beating heart. 0.2%. Remind me how much it has increased since 2019?

The report says asking rents in Canada have increased overall by a total of 21 per cent, or an average of $384 per month, from two years ago, just before the start of interest rate hikes by the Bank of Canada.

[–] [email protected] 2 points 3 months ago

You're right, but changes are more pronounced in individual areas:

B.C. and Ontario recorded the most significant annual rent decreases among the provinces, with the former seeing average asking rents for apartments down 3.4 per cent to $2,549 and the latter recording a 5.7 per cent drop to $2,350.

Rents rose 17.1 per cent in Saskatchewan, which remained the fastest-growing province in the country in terms of asking price, after seeing 23.5 per cent annual growth in September.

By city, Toronto recorded the largest annual decline in asking rents for apartments in October, at 9.2 per cent, to reach an average of $2,642. Vancouver saw an 8.4 per cent year-over-year rent decline to an average of $2,945, while Calgary apartment rents fell 4.7 per cent to $1,995.

In Montreal, average rents were down 2.9 per cent at $1,987. Ottawa apartment rents held steady with a 0.4 per cent annual increase to reach $2,207.

However, Edmonton led rent growth in Canada’s largest markets as apartment rents rose 8.4 per cent annually to an average of $1,584.

You're right that we're still fucked relative to 2019, but at least some areas are seeing a bit of relief.