Canada’s Housing Agency says that in some major cities, the fare advertised fares is decreasing due to factors such as supply and slow immigration, but the tenants still do not feel relieved.
In the update of its mid-year fare market released on Tuesday, Canada Mortgage and Housing Corp said that four of the fare for apartments built aimed at the average of two-bedrooms were below seven markets.
Vancouver extended the path with a decrease of 4.9 percent in the first quarter of 2025, followed by 4.2 percent in Halifax, 3.7 percent in Toronto and 3.5 percent in Calgary. Edmonton increased by 3.9 percent in more than an average, 2.1 percent in Ottawa and two percent in Montreal, compared to the first quarter of 2024.
The landlords reported that the vacant units are taking more time to lease, CMHC said, “Especially for new purpose rental units in Toronto, Vancouver and Calgary, where they face well-supplied secondary fare such as condominium units and single-family homes.
The report stated, “The purpose manufactured operators are replying to the market conditions by encouraging new tenants to signed free fare, moving allowances and bonuses for a month,” the report states that some landlords guess that they may need to reduce the rent in the next few years.
The agency said that the fare for occupied units continues to increase, but a slower compared to a year ago. It said that high turnover fares in many major fare markets have reduced the tenant’s dynamics, causing average tenancy duration and when the tenants go on, the “more enough” fare increases.
In 2024, the difference in rental prices between the two-bedroom units with vacant and occupied reached 44 percent in Toronto, the highest in major cities, while Edmonton had the smallest gap of about five percent.
CMHC said that the increase of vacancy in most major cities this year is expected that the CMHC said between population growth and dull job markets.
The report states that the demand struggle to keep pace with the new supply,
“While the market may have abundant supply in short -term, there is still a need to maintain speed in new fare supply to meet the requirements of an estimated future population growth and get better ability for existing homes.”
Despite the downward pressure on rent prices, CMHC said the strength has deteriorated over time as the income ratio has increased continuously since 2020, especially in areas such as Vancouver and Toronto where turnover fares are increasing.
A separate report released on Tuesday underlined similar trends in the national fare market last month.
Latest monthly report on rent. The CA and Urban said that the rent for all residential properties in Canada fell by 2.7 percent to $ 2,125 in June, declining the nine-consecutive month of annual fare.
Despite the drop, the average asking fares were 11.9 percent above the level of three years ago and 4.1 percent more than two years ago, “the report said in the rented market, underlining the pressure of long -term inflation in the market.
The objective-manufactured apartment fell 1.1 percent to average an average of $ 2,098 from a year ago, while the fare for Kondos fell 4.9 percent to $ 2,207. The fare within homes and city houses fell 6.6 percent to $ 2,178.
“The fare has been reduced at the national level, which has been lighter so far, mainly with the biggest decline in the largest and most expensive cities,” Shaun Hildebrand said in a news release.
“However, it seems that the softening of the rent has started spreading in most parts of the country.”
The BC and Alberta recorded the biggest drawback in June, with a average of $ 2,472 in BC and $ 1,741 in Alberta due to falling 3.1 percent year-away in each province.
After this, Ontario’s decrease by 2.3 percent to $ 2,329, Manitoba’s 1.3 percent decrease increased to $ 1,625 and Quebec’s 0.9 percent decrease increased to $ 1,960. Asking the average of Nova Scotia, the fare was reduced by 0.1 percent, while Suskechewan was the only province of an increase in year-year, which was at an average of $ 1,396 at 4.2 percent.