By Sammy Hudes
The month-to-month information supplied by Leases.ca and Urbanation, which analyzes listings within the former’s community, says rents have been down 2.8% final month in contrast with March 2024.
On a month-over-month foundation, rents rose 1.5% from February, the primary improve since final September.
Urbanation president Shaun Hildebrand mentioned renters have been extra energetic in March than they’d been in latest months, possible due to enhancements in affordability.
“Nevertheless, rents are prone to proceed dealing with downward stress within the near-term because of the anticipated damaging financial affect and job losses brought on by the commerce battle with the U.S.,” he mentioned in a press launch.
The report mentioned common asking rents in Canada are nonetheless 17.8% greater than they have been 5 years in the past when the COVID-19 pandemic hit in March 2020.
Goal-built condominium asking rents declined 1.5% from a yr in the past to a median of $2,086, whereas asking rents for condominium flats fell 3.8% to $2,232.
Rents for homes and townhomes declined 5.6% to $2,186.
Ontario recorded the steepest lease declines, with mixed condominium and condominium rents falling 3.5% to a median of $2,327 in March, adopted by Quebec’s 2.5 per cent lower to $1,949.
B.C. noticed a slight 0.6% lower in common asking rents to $2,480 whereas Alberta’s common ask was down 0.4% to $1,721.
Saskatchewan led the best way for year-over-year lease progress, at three per cent, to a median of $1,336, adopted by Nova Scotia at 2.4% to $2,199 and Manitoba at two per cent to $1,592.
This report by The Canadian Press was first printed April 8, 2025.
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Final modified: April 8, 2025