Image of the day: rent growth flattening out
Some good news after three years of steep increases
From the October 2024 Rentals.ca report.
Asking rents for all residential property types in Canada during September increased 2.1% from a year ago to an average of $2,193, representing the smallest year-over-year increase since October 2021.
Rents are down 4% this year in Ontario, and the highest drops are in college towns. Balance is starting to be brought back to the student housing market.
In BC, asking rents are down 3%. In Quebec, they’re flat. But they’re still going up in the Prairies and Atlantic Canada.
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Mike Moffatt, November 2023: “The federal government doesn't have much time. The next big population increase is coming around Canada Day 2024.” A huge part of post-Covid population growth has been new international students arriving around July and August, especially at Ontario colleges.
Marc Miller: “The equivalent of puppy mills that are just churning out diplomas.” December 2023.
Marc Miller imposes international-student caps on the provinces. January 2024.