By contrast, rental market conditions continued to heat up nationally and in markets heralded for their affordability, according to new national data.The Canadian rental market, more or less, picked up in 2024 where it left off in 2023, says Urbanation President Shaun Hildebrand.
Meanwhile, the data shows that average asking rents have been edging up by around 20% on average since January 2020 . In stark contrast, the major Canadian markets known for their enduring affordability continue to observe dramatic rent appreciation. In Calgary, the average asking rent has jumped up 12.8% year over year to $2,047. Meanwhile, rent growth recorded in Edmonton has sailed past Calgary’s level with an annual rise of 17.1% to $1,479.
Roommate rents have also picked up some steam in Calgary, Edmonton, Ottawa, and Montreal. In those markets, rents for shared accommodations are up around 17%, 8%, 7%, and 14%, respectively. In its latest provincial forecast, CIBC Capital Markets predicts that the country could be in store for a 125-basis-point rate cut this year.City Council voted in favour of the 9.5% increase to the residential property tax rate when they met on Wednesday to finalize the 2024 budget.Scenic Property With Private Dock In BC's Garden Bay Asks $2.6M
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