Rents Just Can’t Catch a Break
Canada’s average asking rent fell again in January. Down 2% from last year to $2,057. That’s 16 straight months of declines
It’s the cheapest rents we’ve seen in almost 3 years. And they’re 6% lower than two years ago. Still way higher than pre-COVID though… 13% higher
Why it matters 💡
Affordability is finally improving. Rent now eats up just under 30% of income for the first time in 6 years. More supply is doing its job I guess
Condos down 5.7%
Houses and towns down 3.1%
Purpose-built rentals down 1%
3-bed units are the odd one out. Prices still rising
Big cities are the ones hurting 👀
Vancouver down 9.2%
Calgary down 5.7%
Toronto down 4.6%
Bottom line 🤙
Rent pressure is easin…That helps renters. And it matters for buyers watching the rent vs own scenarions
If you’re planning a move or purchase this year, timing just got more interesting.
For more information contact Alex at Flow Mortgages HERE