Rents in Canada rose 5.9 percent in July, with notable increases in Halifax and prairie cities despite overall slower growth
A new report indicates that rents in Canada are still increasing, but the year-over-year growth pace has slowed, according to Financial Post.
Data from Rentals.ca and Urbanation reveals that asking rents for all residential property types averaged $2,201 in July, a 5.9 percent increase from the previous year.
This year-over-year rise represents the slowest increase over the past 31 months, whereas, in recent years, rent growth often exceeded 10 percent. Despite the overall slowing trend, certain markets are experiencing significant rent changes.
Vancouver saw a roughly seven percent decrease in rents from last year, and Toronto's rents declined by five percent, attributed to a wave of condo completions entering the market.
Conversely, Halifax experienced an 18.2 percent increase in rents, while prairie cities such as Saskatoon, Edmonton, and Regina also reported double-digit gains.
