Rental Rates Decline for 14th Month in a Row in Canada
Rental rates in Canada have continued their downward trend for the 14th consecutive month, with the average now standing at $2,074, according to a report by Rentals.ca.
British Columbia saw the most significant drop of 6.4%, while the national asking rent for all property types decreased by 3.1% in a year-over-year comparison.
The report reveals that the average rent in B.C. currently sits at $2,392, with Vancouver experiencing its lowest rental levels in over three years. Despite this, many municipalities in the Lower Mainland still have rates well above the national average.
Giacomo Ladas, spokesperson for the online rental platform, highlighted that rates in Vancouver, North Vancouver, and Burnaby are notably higher than the national average, ranging from $500 to over $1,000 more on average.
North Vancouver has emerged as the hottest rental market in the country, with an average rate of $2,493 for a one-bedroom apartment and $3,326 for a two-bedroom apartment.
Vancouver ranks as the second-most expensive market, with average rents of $2,407 for a one-bedroom apartment and $3,284 for a two-bedroom apartment. Burnaby follows in sixth place nationally, just behind select Toronto neighborhoods.
Ladas anticipates that rents will continue to decrease in the upcoming months due to the usual seasonal slowdown and a decrease in demand. Factors such as increased housing supply, stagnant population growth, and economic uncertainty are also contributing to the declining prices.
Keyphrase: Canadian rental rates