The common lease throughout all residential varieties throughout the nation is $2,109 as of December, 3.2 per cent lower than the 12 months prior, with December marking the fifth consecutive month of lease declines. That is in accordance with the most recent report from Leases.ca and Urbanation utilizing knowledge from Web Listings Companies on main and secondary rental markets.
The decline follows a progress of 8.6 per cent in 2023 and 12.1 per cent in 2022. 2024 is the primary 12 months rents skilled an annual lower because the onset of the COVID-19 pandemic when rents fell 5.4 per cent.
However even with the year-over-year lower, total lease throughout the nation elevated 16.8 per cent over the previous 5 years, a median of three.15 per cent per 12 months.
Ontario noticed among the largest lease reduction the place common asking rents for all residences fell 4.7 per cent to $2,332. This adopted a 3.7 per cent improve in residence rents throughout the province throughout 2023.
Regardless of these decreases, Ontario remained the second costliest province for lease, second solely to B.C.
The Metropolis of Kitchener is ranked sixteenth for price of lease nationwide. The common one bed room residence in Kitchener is listed for $1,866, a 0.5 per cent improve month-over-month however a 3.2 per cent lower year-over-year.
The Metropolis of Waterloo is ranked twelfth with the common one bed room listed at $2,013, a 1.7 per cent lower month-over-month however a stark 5.3 per cent improve year-over-year.
However the slight lease reduction is just not sufficient to assist these in most want of housing. Waterloo Area’s newest Level-In-Time Depend, performed in October 2024, concluded there have been 2,371 individuals throughout town experiencing homelessness, greater than double the rely in 2021.
“Rising rates of homelessness are seen throughout the country and are the result of the housing affordability crisis, rising costs of living, poverty, traumatic life events, mental health, and substance-use challenges,” mentioned the Area of Waterloo Housing Companies in an announcement on the time of the rely.
In response to the Key Findings report of the Plan to Finish Continual Homelessness, launched in September of 2023, persistent homelessness is rising at a median price of 28 per cent since 2020.
“If the 28 per cent annual increase in chronic homelessness continues,” the Area mentioned, “the community will have triple the number of residents experiencing chronic homelessness by 2028.”
