Rents are cooling in most Canadian cities, RBC report finds
Global News
Rents declined for the first three months of the year in more than half of Canada’s 40 major cities compared with the same period a year ago, analysis from RBC found.
Renters in Canada are catching a bit of a break as rents continue to fall across most major cities, a new report by the Royal Bank of Canada shows.
Rents declined for the first three months of the year in more than half of Canada’s 40 major cities compared with the same period a year ago, analysis from RBC economist Rachel Battaglia found.
Vancouver leads with the steepest decline in rent for two-bedroom units, with a drop of $270 a month. This was followed by Kelowna, B.C., which saw a $230 drop, Calgary with a $170 drop, Toronto with a $160 drop and Halifax with a decline of $150.
The cooling of the market, however, predates U.S. President Donald Trump’s trade war.
The report said that “affordability constraints, decelerating population growth, and increased rental supply have collectively helped rebalance rental market dynamics in recent quarters.”
The report found that rental markets in Ontario and B.C. have been disproportionately impacted by the federal government’s cuts to immigration levels.
“That’s helped ease housing demand while rental supply continues to build, fostering softer rental market conditions compared to other regions,” the report said.
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