According to a recent report, the average asking rent in Canada has reached $2,185 in June, with a growth rate of seven per cent. This marks a significant slowdown in the rental market, compared to previous years.
The report, released by the Canadian Real Estate Association (CREA), analyzed data from major cities across the country. It found that while rent prices continue to rise, the rate of growth has decreased compared to previous years.
In June 2020, the average asking rent in Canada was $2,037, which means there has been an increase of $148 in just one year. However, this growth rate is significantly lower than the 15 per cent increase seen in June 2019.
The report also highlighted that the rental market has been impacted by the ongoing COVID-19 pandemic. With many people working from home and others facing financial challenges, the demand for rental properties has decreased. This has led to a decrease in rental prices in some cities, while others have remained stable.
Toronto, Vancouver, and Montreal continue to have the highest average asking rents in the country, with Toronto reaching $2,500, Vancouver at $2,300, and Montreal at $1,800. However, these cities have also seen a decrease in growth rate compared to previous years.
On the other hand, cities like Ottawa, Halifax, and Winnipeg have seen an increase in rental prices, with Ottawa reaching an average of $1,900, Halifax at $1,800, and Winnipeg at $1,200.
The report also noted that the rental market is expected to continue to slow down in the coming months, as the country gradually recovers from the pandemic. However, with the ongoing housing crisis and high demand for rental properties, it is unlikely that rent prices will decrease significantly.
In conclusion, while the average asking rent in Canada has reached a new high, the growth rate has slowed down compared to previous years. The impact of the pandemic on the rental market is evident, and it is expected to continue to affect the market in the coming months.
