Rental prices for Canadian residential properties rose last month
By Al Beeber - Lethbridge Herald on September 11, 2024.
LETHBRIDGE HERALDabeeber@lethbridgeherald.com The average price of asking rents across Canada for all residential property types increased by more than three per cent year over year in August, according to website Rentals.ca and the national rent report by Urbanator.The 3.3 per cent hike is the slowest annual rate of growth in almost three years, says Rentals.ca.
Of Canada’s 25 most affordable small and mid-sized markets, nine were situated in Alberta including Lethbridge with average rent of $1,509. Average rent in neighbouring Medicine Hat is $1,380.
According to the report, several of the country’s most affordable markets were also among the fastest growing for apartment rents in August, including Lethbridge where rents rose 18.2 per cent.
On a month-by-month basis the average asking rent price dropped by 0.1 per cent which rentals.ca says extends a trend of moderation seen since May.
Rents for purpose-built and condominium rental apartments rose by 4.7 per cent, averaging $2,142 in August. Purpose built apartment rentals rose 6.2 per cent to an average of $2,118. Studio condo rents, meanwhile, dropped for the sixth straight month, down 3.3 per cent annually to $1,825 while purpose-built studio rents increased 10.7 per cent to $1,784.
The highest rents in Canada remained in B.C. and Ontario. In the former, average apartment rental prices dropped 5.2 per annually to $2,536 and Ontario experienced a drop of 4.3 per cent to $2,390. Neighbouring Saskatchewan led rent growth with average apartment prices rising to $1,336, an annual jump of 21.4 per cent.
In Alberta, Calgary rents dropped 1.1 per cent to $2,046 while Edmonton was the only market of Canada’s sixth largest that saw an annual growth in rent costs with prices rising 9.2 per cent to an average of $1,579.
Nine of the most expensive mid-sized rental markets were in B.C. including the top four.
Rentals.ca uses data based on monthly listings from its network of internet listings services which covers primary and secondary rental markets and includes basement apartments, condo apartments, rental apartments, townhouses, semi-detached houses and single-detached homes.
Data differs from that of the Canadian Mortgage Housing Corporation, which Rentals.ca say uses only data from purpose-built rental apartments and townhouses. 3
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