According to real estate consulting firm Urbanation, the GTHA reached a peak rental rate of $4.20 per square foot in the third quarter of 2023, equivalent to $2,929 for a 698-square-foot condo. However, the market has since seen a 7.4 per cent decline in average condo rents.The drop, the most substantial outside of the pandemic period in late 2020 and early 2021, has resulted in an average rent of $3.89 per square foot in the first quarter of 2024.
Urbanation’s findings however suggest a resurgence in purpose-built rental supply in the near future. Construction has surged to 5,976 units in the past year, an increase of 174 per cent, pushing the total inventory of purpose-built rentals under construction to a multi-decade high of 22,064 units by the end of Q1.
CALGARY — The Calgary Real Estate Board says April home sales were up 7.3 per cent from last year, driven by growth in the number of relatively more affordable, higher-density properties changing hands. The board says 2,881 units were sold last month, while the benchmark price across all home types was $603,700 for April — up 9.9 per cent from a year earlier and one per cent from March. New listings rose 11.5 per cent year-over-year to 3,491 and there were 2,711 units in inventory, 16.
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