Common rents in Canada might have declined for the third consecutive month, however they nonetheless stay 9.7% larger in comparison with a yr in the past.
Common listed rents for purpose-built and condominium residences as of February fell to $1,984, in line with the nationwide lease report printed by Leases.ca. Common rents have been trending down since reaching a peak of $2,024 in November. Nonetheless, immediately’s lease costs are practically $300 larger 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 lease progress in 2022,” mentioned Shaun Hildebrand, president of Toronto actual property analysis agency Urbanation, which authored the report.
“The latest slowing might be associated to excessive rental prices impacting affordability and a rise in new provide from residence completions,” he added. “Nevertheless, a number of key markets experiencing excessive demand continued to see rents pattern larger final month.”
The very best common rental charges had been seen within the cities of Vancouver (+21.2% year-over-year) and Toronto (+22.7%).
Calgary leads lease progress amongst giant markets
Of the nation’s largest rental markets, Calgary noticed the steepest year-over-year rise in common rents, in line with the report.
Rents there reached $1.862 in February, a 28.1% improve 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 improve of twenty-two.8% to $2,370. That’s regardless of the town recording a 0.9% decline over the past three months.
On the municipal stage, right here’s a have a look at the year-over-year lease will increase in a number 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 lease will increase
Of the provinces, Quebec noticed the quickest tempo of lease value progress at 16.2% year-over-year. The typical lease within the province is now $1,808, which is the third-highest in Canada amongst all the provinces.
Solely British Columbia and Ontario are dearer, with rents averaging $2,499 and $2,407, respectively. When it comes to lease value progress, Ontario led the way in which with an annual improve of 16.2%, adopted by Alberta at 14.5% and B.C. at 11.4%.
The provinces with the slowest progress in month-to-month lease costs had been Nova Scotia (+3.6%), Manitoba (+8%) and Saskatchewan (+8.1%).