Are you looking for a place to rent in Canada? Well, you might just be in luck. According to a recent report from Rentals.ca and Urbanation, average asking rents across the country are seeing a decrease, hitting a 17-month low. Let’s take a closer look at the key points from the report:
- Average asking rents in Canada fell to $2,109 in December on a year-over-year basis, marking a 3.2 per cent decline from the previous year.
- This decline comes after several years of steady growth, with rents still 16.8 per cent higher than they were five years ago.
- The rental market softened in 2024 due to various factors such as high apartment completions, slowing population growth, and a weakening economy.
Here is a breakdown of how different provinces fared in terms of rental prices:
- Ontario recorded a 4.7 per cent year-over-year decrease in apartment rents, bringing the average asking price to $2,332.
- British Columbia saw a smaller decline of 0.5 per cent, with the average rent standing at $2,487.
- Manitoba, on the other hand, led all provinces with a five per cent annual increase in rents, reaching an average of $1,618.
It’s clear that the rental market in Canada is experiencing some fluctuations, with prices dropping in some provinces and rising in others. Whether you’re looking to move or renegotiate your lease, now might be the right time to explore your options. Stay informed and make the most of the current rental landscape.
Leave feedback about this