By Staff
September 10th, 2024
BURLINGTON, ON
Average asking rents for all residential property types in Canada increased by 3.3% year-over-year in August, reaching an average of $2,187 per month, according to Rentals.ca and Urbanation’s latest National Rent Report. This marks the slowest annual rate of rent growth in nearly three years.
Key points from the report:
– Average asking rents increased by 3.3% year-over-year in August.
Colour coding ranking the data shown below.
– Rents for purpose-built and condominium rental apartments increased by 4.7% annually.
– B.C. and Ontario remained the provinces with the highest rents, despite experiencing annual declines.
– Shared accommodation listings recorded an 8.0% annual increase in asking rent across four provinces.
The bigger picture – data from across the country by type:
Where is the relief is going to come from and when it will be felt ?
It certainly will not come from the private sector.They are backing away from new build condos right now.
Governments in the past have chosen the Public Housing route and we all know how that ends up decades later.
I think we need to hold off on immigration until the “Baby Boomer” generation moves on and frees up existing homes.
A third of homes ( both new and used) in Ontario are being bought by corporations.The companies dramatically increase demand and raise prices. Someone told me the USA Congress passed a law preventing corporation s from buying single family residences, but I do not know if that is true.