Canadian rent prices fall for first time since pandemic: Tenants need to pay attention to protection
According to the latest report from Urbanation&Rentals. ca, the rental market, which has been strong since the outbreak of the pandemic, has shown signs of weakness for the first time.
In the past October, the average rent in Canada fell to 2151 Canadian dollars per month, a decrease of 1.2% compared to the same period last year. This data is of great significance, as it marks the first year-on-year decline in rent since July 2021, and the trend chart for the past three months shows a 2.2% decrease in next year's growth rate, indicating that the downward trend is gradually intensifying. This change is particularly prominent in British Columbia and Ontario, especially in the two major cities of Vancouver and Toronto, where the decline in one bedroom prices is leading the country.
In British Columbia, cities known for their high rents are experiencing an astonishing rate of rent decline. In October, the asking price for a one bedroom apartment in Vancouver dropped to $2610 per month, a year-on-year decrease of 9.1%, ranking second among all cities in the country in terms of 12-month decline, only behind Burnaby in British Columbia. The average asking price for a one bedroom apartment in Burnaby has dropped to 2398 yuan per month, a decrease of 9.4% compared to last year. In just 31 days of this month, it has dropped by 3.8%, accounting for more than one-third of the annual change. This is an astonishing rapid transformation.
In the Greater Toronto Area of Ontario, the rate of urban rent decline is almost on par with that of British Columbia. The rent for a one bedroom apartment in Toronto in October decreased by 8.7% compared to the same period last year, to $2380 per month, ranking third in the country along with Oakville. The rent in Oakville is 2304 yuan per month, a year-on-year decrease of 8.7%. As both belong to the same real estate committee, this may imply that this is a regional issue and may have an impact on the sales prices of existing houses in the investor dominated industry.
However, not all cities are showing a downward trend in rent. Some cities, such as Saskatoon, still have an annual growth rate of 16% and an average price of 1293 yuan per month, but prices also dropped significantly by 1.5% in October, indicating that the rental market outlook is full of variables. Although Quebec City (1429 yuan per month; a year-on-year increase of 10.9%) and Regina (1296 yuan per month; a year-on-year increase of 8.9%) have increased year-on-year, monthly rent has also significantly decreased, at 3.9% and 2.5% respectively. Quebec City was still the city with the fastest decline in Canada last month. Only four cities, Laval ($1672 per month; month on month growth of 3.2%), Niagara Falls ($1698 per month; month on month growth of 3.1%), Gatineau ($1755 per month; month on month growth of 0.9%), and Ottawa ($2040 per month; month on month growth of 0.2%), showed monthly positive growth, mainly due to the large number of federal government employees in these areas and the mandatory work policy implemented by the federal government, but the long-term impact of this policy on the market is still unclear.
The fluctuation of rental prices undoubtedly brings new changes to the lives of tenants. In this period of uncertainty, every tenant deserves to be cared for. We are well aware that you have put in a lot of effort in finding a warm place to live, and the change in rent may make you feel both happy and worried about the future. Have you considered how to protect your rights during the rental process while enjoying the benefits of reduced rent?
Here is a warm reminder that Cover Right Insurance has always been attentive to everyone's needs. Our tenant insurance program is like a protective umbrella for your rental life. Whether it's accidental damage to your property or other situations that may affect your residential rights, we can provide you with protection. In this special period of rent changes, choosing Cover Right Insurance's tenant insurance is adding peace of mind to your rental life. If you have any questions, please feel free to contact us and we will be happy to serve you.
Phone:+ 1(647)308-6931
Email: info@coverright.ca
Website: https://coverright.ca/?lang=zh -hans
Reference link:
https://betterdwelling.com/canadian-rental-list-prices-make-first-drop-since-covid-bc-on-cities-lead-lower/