A sign shows an apartment for rent in the Montreal borough of Lasalle on Tuesday, April 23, 2024. A new report says rents are still rising in Canada, but the year-over-year pace of growth has slowed. THE CANADIAN PRESS/Christinne Muschi
TORONTO – A new report says rents are still rising in Canada, but the year-over-year pace of growth has slowed.
The data from Rentals.ca and Urbanation says asking rents for all residential property types averaged $2,201 in July, up 5.9 per cent from last year.
The report says the year-over-year increase is the slowest rise over the previous 31 months, while in more recent years, growth has often topped 10 per cent.
However, some markets are still seeing big jumps from last year, even as others see some declines.
Vancouver saw a roughly seven per cent decrease in rents from last year and Toronto had rents decline five per cent as a wave of condo completions came on the market.
Halifax, on the other hand, had an 18.2 per cent increase and prairie cities like Saskatoon, Edmonton and Regina also saw double-digit gains.
This report by The Canadian Press was first published Aug. 7, 2024.
