Average asking rent in Canada fell to $2,008 in March, a 35-month low, down 5.3% year-over-year ($112) and marking the 18th consecutive decline. Rents decreased 1.1% month-over-month and 2.5% year-to-date, and are down 8.8% ($194) from the May 2024 peak. Over two years, rents are down 7.9% and just 0.2% higher than March 2023. Purpose-built rentals fell 3.9% year-over-year to $2,005 (down 1.2% monthly), while average rent per square foot declined 1.2% to $2.49, down 6.4% from 2024. Average unit size dropped 4.2% to 831 sq. ft.
Across major markets, rents declined in all six largest cities, led by Calgary (-5.0%) and least in Montreal (-1.6%). Vancouver saw the largest drops in studios (-6.8%) and three-bedrooms (-6.0%), Toronto led one-bedroom declines (-6.3%), and Calgary saw the largest two-bedroom drop (-5.2%). Toronto rents are at a 46-month low after 26 months of declines, while Vancouver remains below 2022 levels after 28 months of declines. North Vancouver remained the most expensive market at $2,934 (-2.4%), followed by Richmond, Burnaby, and Coquitlam, while Pickering led Ontario outside Toronto. The most affordable large cities were Regina, Saskatoon, and Quebec City, with the lowest rents in prairie markets such as Swift Current and Lloydminster.
Quick update on Rates
Fixed mortgage rates went up over the past month as bond yields increased due to the uncertainty of the war in the middle east. Inflation also bumped up slightly in March further putting a stall to any drops in the prime rate in the near future. There is a lot of instability in the markets right now and this has put some upward pressure on rates.
If you need more information regarding mortgages or if you need any advice on your personal situation please contact our office at 604-556-3893 or email at alex.kotai@ymscanada.ca.
For more information on our mortgage products and your preferred Abbotsford Mortgage Broker please visit our website at www.ymscanada.ca.
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