The typical asking hire in July was $2,001, down marginally from June, in response to the most recent month-to-month report from Leases.ca.
In comparison with the low of $1,662 reached through the pandemic in April 2021, hire costs are nonetheless up by 20%, or $340 monthly.
Rents continued to rise slowly in main metro areas like Toronto and Vancouver; nevertheless, costs at the moment are beneath year-ago ranges by 4.6% and seven.2%, respectively.
“As we transfer previous the height of summer season, we’ve seen little or no of the uplift usually anticipated with the hotter months,” mentioned David Aizikov, Senior Analyst at Leases.ca. “Nonetheless, because the climate cools and days grow to be shorter, rental demand usually slows, which can additional sluggish market hire progress.”
Prairies lead in hire value progress and stay most inexpensive area
The Prairie area boasts Canada’s most inexpensive rental markets, but it additionally experiences a number of the fastest-rising rental costs.
Among the many nation’s high 25 municipalities, the Saskatchewan cities of Regina and Saskatoon at the moment rank essentially the most inexpensive, with common rents of $1,413 and $1,344, respectively. Regardless of their affordability, these cities noticed annual hire value progress of 19% in July.
Lloydminster, AB, maintained its place as Canada’s fastest-rising rental market, with house rents rising by 28.3% yearly in July. The highest 5 markets for hire progress within the month have been break up between Alberta and Quebec, together with Pointe-Claire (+25.6%), Grand Prairie (+24.1%), Quebec Metropolis (+20.7%) and Lethbridge (+19.7%).
Right here’s a take a look at the year-over-year hire will increase in a number of the nation’s key markets:
| Common hire | 12 months-over-year change | |
|---|---|---|
| Vancouver, BC | $3,101 | -7.2% |
| Toronto, ON | $2,719 | -4.6% |
| Montreal, QC | $2,003 | +1% |
| Calgary AB | $2,111 | +4% |
| Ottawa, ON | $2,218 | +4% |
| Winnipeg, MB | $1,646 | +12% |
| Halifax, NS | $2,373 | +18% |
| Saskatoon, SK | $1,344 | +19% |
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Final modified: August 7, 2024
