Common rents in Canada could have declined for the third consecutive month, however they nonetheless stay 9.7% increased in comparison with a yr in the past.
Common listed rents for purpose-built and condominium flats as of February fell to $1,984, in response to the nationwide hire report revealed by Leases.ca. Common rents have been trending down since reaching a peak of $2,024 in November. Nonetheless, right this moment’s hire costs are almost $300 increased in comparison with the low of $1,689 reached in February 2021.
“The rental market skilled a pullback over the previous three months following record-breaking hire development in 2022,” mentioned Shaun Hildebrand, president of Toronto actual property analysis agency Urbanation, which authored the report.
“The latest slowing will be associated to excessive rental prices impacting affordability and a rise in new provide from residence completions,” he added. “Nonetheless, a number of key markets experiencing excessive demand continued to see rents development increased final month.”
The best common rental charges have been seen within the cities of Vancouver (+21.2% year-over-year) and Toronto (+22.7%).
Calgary leads hire development amongst giant markets
Of the nation’s largest rental markets, Calgary noticed the steepest year-over-year rise in common rents, in response to the report.
Rents there reached $1.862 in February, a 28.1% enhance from a yr in the past and a 3.8% rise in simply the previous three months.
Toronto noticed the second-fastest rise in rents, with an annual enhance of twenty-two.8% to $2,370. That’s regardless of town recording a 0.9% decline during the last three months.
On the municipal degree, right here’s a take a look at the year-over-year hire will increase in a few of the nation’s key markets:
- Vancouver, B.C.: +19%
- Toronto, ON: +22.8%
- Calgary, AB: +28.1%
- Ottawa, ON: +13.5%
- Montreal, QC: +8.2%
- Winnipeg, MB: +8.4%
- Halifax, NS: +8%
Quebec led the provinces in tempo of annual hire will increase
Of the provinces, Quebec noticed the quickest tempo of hire worth development at 16.2% year-over-year. The common hire within the province is now $1,808, which is the third-highest in Canada amongst all the provinces.
Solely British Columbia and Ontario are costlier, with rents averaging $2,499 and $2,407, respectively. When it comes to hire worth development, Ontario led the way in which with an annual enhance of 16.2%, adopted by Alberta at 14.5% and B.C. at 11.4%.
The provinces with the slowest development in month-to-month hire costs have been Nova Scotia (+3.6%), Manitoba (+8%) and Saskatchewan (+8.1%).