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Wednesday, February 21, 2024

The annual growth rate of hiring in Canada is slowing.

Average prices during this period.

A report says the typical asking worth for a rental unit in Canada was $2,174 in November, comparatively flat from the earlier month however an 8.4 per cent enhance year-over-year.

The information launched Friday by Leases.ca and Urbanation, which analyzes month-to-month listings from the previous’s community, confirmed the annual charge of hire progress in Canada continues to gradual, following will an increase of 9.9 percent in October and 11.1 percent in September.

The typical value of a one-bedroom unit in November was $1,911, up 13.6 per cent from the identical month in 2022, whereas the typical asking worth for a two-bedroom was $2,260, up 10.5 per cent yearly.

There were notable decreases in 2 of Canada’s most expensive major cities for renters, as per the report.

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Vancouver saw asking rents increase 0.7 percent year-over-year to $3,171, while regular asking rents in Toronto decreased 2.4 percent to $2,913. That said, month after month, residential rental applications fell 1.4% in Vancouver and grew 0.2% in Toronto.

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In the meantime, Edmonton overtook Calgary because the chief in hire progress amongst main markets, as common asking rents within the provincial capital rose 11.9 per cent in contrast with a yr in the past to achieve $1,472. In southern Alberta, asking rents rose 10.4 per cent to an average of $2,081.

The report additionally stated Montreal skilled a “considerably slower charge” of will increase in asking rents in November in contrast with earlier months, recording annual progress of 8.5 per cent to achieve a median of $2,048. Common asking rents elevated 6.8 per cent yearly in Ottawa to $2,238.

Leases.ca and Urbanation additionally famous that common roommate rents are nearing 4 figures, with the asking worth for shared lodging in B.C., Alberta, Ontario and Quebec rising 16.2 per cent over the previous yr to a report excessive of $960.

Shared lodging rents elevated quickest in Quebec at 26.2 per cent year-over-year, reaching a median of $923 final month.

&copy 2023 The Canadian Press

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