BC sees drop in rental prices but rent still 25% more than 2021
Renting somewhere to live in Canada is 25% more expensive now than it was three years ago.
However, while rents have increased by 25% in just three years the annual growth of rent has slowed to its lowest point since 2021.
A recently released National Rent Report from rentals.ca and Urbanations shows rents across Canada grew by 2.1% year-over-year in September and have continued to slow over the last five months.
The report said the average cost of renting a place to live in Canada is $2,193.
"Rents in Canada are increasing at their slowest pace in nearly three years, largely the result of foreign student enrolments dropping by roughly a half from their record highs, with the impact felt most in BC and Ontario," Urbanation president Shaun Hildebrand said in a media release. "Meanwhile, smaller, more affordable markets continue to see strong upward pressure on rents as demand shifts to less expensive parts of the country."
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The report found that BC, along with Ontario, had the most significant declines in rent with the cost of renting in a purpose-built rental building down 3.2% to $2,570.
While rental increases have slowed it still costs 13% more to rent now than it did two years ago.
Rents in the country's biggest cities dropped, with Vancouver seeing the steepest decline at 10% year over year. A condo in Vancouver will now set you back $3,023.
Canada's most affordable city, Lloydminster, saw rents jump by 28%, with the average apartment now costing $1,178.
The cost of somewhere to live in Saskatchewan also surged with the province seeing a 23% jump in rent prices.
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