Rent in Canada continues to climb. BullpenConsult | Rentalsdotca | realestate realestatenews rent rental housingmarket
Vancouver also had the had the highest average rental rate for condominiums and rental apartments at $3,225. Meanwhile, in terms of rent inflation, London took the top spot with 33.1% annual rent growth, followed by Toronto at 31.2%, and Vancouver at 29.3%.
For condos specifically, rents have experienced a full rebound from pandemic times, with the average rent for a condo in Vancouver reaching $3,587 in September , and $2,988 in Toronto . Additionally, both Vancouver and Toronto saw higher demand for smaller units in centralized locations — likely a reflection on employees returning to the office — leaving more large units on the market in comparison to previous years. In Vancouver and Toronto, the average condo available for rent was 824 and 742 sq. ft respectively.
At this time, the national, provincial, and municipal rental markets are being influenced by interest rate hikes and— however, there is some semblance of relief on the horizon. The homeownership slump is prompting would-be sellers to rent out their properties instead. As such, “the total number of listings on Rentals.ca in September was the highest since Rentals.ca and Bullpen Consulting started this report in October 2018,” the report notes.A slight cooling of demand is already being reflected in Rental.ca’s “pageviews per listing” data, which registered a decline to “about the average level” in September.Zakiya is a staff writer with STOREYS.
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