Rents throughout the nation are down 3.2 per cent from the tip of 2023, falling to a 17-month low of $2,109 in December, in line with knowledge from the Nationwide Lease Report.
The decline in rents final yr adopted development of 8.6 per cent in 2023 and 12.1 per cent in 2022 because the market started to crawl out of the pandemic uncertainty. The report, ready by Leases.ca and Urbanation, declared that the lower in 2024 was the primary time rents skilled an annual lower since 2020 when rents fell 5.4 per cent.
December additionally marked the fifth consecutive month of lease declines. Between September and December, common asking rents fell by 3.8 per cent, indicating a steepening decline for rents heading into 2025, in line with the report
Regardless of the latest drop, rents stay up 16.8 per cent over the previous 5 years in Canada.
The influence was considerably softened in Oshawa – the one Durham Area neighborhood included within the rankings – with rents down simply 0.5 per cent from November and 0.3 per cent year-over-year for 1-bedroom models ($1,826) and down 0.3 per cent month-over-month and up 0.6 per cent year-over-year for 2-bedroom models ($2,172).
Oshawa, which nonetheless boasts comparatively inexpensive rents for the GTA, was ranked seventeenth of the 35 Canadian cities on the listing and twelfth of 19 Ontario communities.
Vancouver was as soon as once more the costliest Canadian metropolis to lease, with 1-bedroom models renting on common for $2,512 and 2-bedrooms for $3,430. Toronto was third (behind Vancouver suburb Burnaby) for 1-bedroom residences at $2,360 per thirty days and second for 2-bedroom models at $3,077 per thirty days.
The year-over-year decline for 2-bedroom models in Toronto of seven.2 per cent was the steepest drop amongst Canada’s main cities.
Nationally, leases inside homes and townhouses skilled the biggest annual drop in asking rents in 2024, falling 7.4 per cent yearly in December to a mean of $2,181. Condominium rents ended 2024 down 5.2 per cent to a mean of $2,219.
The decline in rents final yr was primarily concentrated in Ontario, the place common asking rents for residences fell 4.7 per cent to $2,332. This adopted a 3.7 per cent enhance in 2023.
Solely one of many high 10 most inexpensive markets was situated in Ontario; residence rents in Windsor averaged $1,682 in December.
The info used within the evaluation relies on month-to-month listings from the Leases.ca Community of Web Listings Companies, which differs from the numbers collected and printed by the Canada Mortgage Housing Company.
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