Average asking rents fell nationally to $2,109 in December on a year-over-year basis, marking a 17-month low, according to a new report. A monthly report from Rentals.ca and Urbanation says average asking rents across Canada were down 3.2 per cent from the same month last year, as December marked the fifth consecutive month of declines. The report says the decline in average asking rent prices last year followed growth of 8.6 per cent in 2023 and 12.1 per cent in 2022, with rents still 16.
8 per cent higher than they were five years ago. Urbanation president Shaun Hildebrand says the rental market softened in 2024 amid multi-decade highs for apartment completions, slowing population inflows, and a weakening economy. Among Canada's most expensive provinces to be a renter, Ontario recorded a 4.7 per cent year-over-year decrease in apartment rents to an average ask of $2,332, while B.C. saw a 0.5 per cent decrease to an average of $2,487. Manitoba led all provinces for rent growth in 2024 with a five per cent annual increase in rents to an average of $1,618
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alberta’s booming rental market braces for changeThe province has seen more than 30,000 purpose-built rental units break ground between the first quarter of 2022 and the third quarter of 2024
Read more »
Victoria Surpasses Toronto as Second Most Expensive Rental Market in CanadaHigh demand for rentals in Victoria has pushed average rental costs higher, causing the city to surpass Toronto for the second most expensive rental market in Canada.
Read more »