Rent increases in smaller Canadian markets outweigh declines in big cities in August: report
Rents were also down slightly in Ottawa, Montreal, and for the first time since February 2021 in Calgary.
A new report reveals that rental rates in August dropped in some of Canada’s largest and most expensive markets, continuing a trend that has lasted for several months, while prices rose in smaller markets.
According to the report from Rentals.ca and Urbanation, Vancouver's average rent fell by six per cent from last year to $3,116, marking nine consecutive months of declines. Similarly, Toronto saw rents drop by seven per cent to $2,697, the seventh straight month of decreases.
Rental rates also dipped slightly in cities like Ottawa, Montreal, and, for the first time since February 2021, Calgary.
In contrast, other cities experienced significant increases, with Quebec City seeing a 22 per cent rise to $1,705, Regina up by 18 per cent to $1,418, and Gatineau, Que., witnessing a 15 per cent increase to $2,054.
Despite the drops in larger cities, rent hikes in smaller markets outweighed these declines, pushing the average asking rent in August up by 3.3 per cent from last year to $2,187.
The report notes that this annual increase in rent was the smallest in nearly three years, as apartment completions hit their highest level in decades, while population growth and the labour market showed signs of slowing down.
