While the GTA has seen some cooling in the real estate market overall, a new report suggests rental prices are dropping more dramatically in other parts of Canada. According to Rentals.ca, Ontario’s average rent decreased by 3.8% year-over-year, landing just below $2,300. This pales in comparison to British Columbia, which saw a significant 6.8% drop, and Alberta, with a 5.7% decrease. Vancouver leads major cities with a 6.6% decline.
B.C. officials attribute their decline to anti-speculation policies and increased rental supply, with a 55% increase in registered purpose-built rental homes since last December. Could similar strategies work in the GTA? With Toronto’s rental market notoriously competitive, residents are eager to see if these western trends will make their way east. Read the full story on CTV News to learn more about the factors influencing these shifts and what it could mean for renters across Canada. [https://www.ctvnews.ca/vancouver/article/bc-rent-decline-leads-canadian-jurisdictions-in-december/]
Read the original story here: https://www.ctvnews.ca/vancouver/article/bc-rent-decline-leads-canadian-jurisdictions-in-december/
