TraceRent’s Post

📉 Good News for Renters! Across Canada, Rent Trends are Showing a Pullback in Prices! 🏙️ Nationwide Update: Asking rents fell 1.2% year-over-year in October, averaging $2,152 — the first annual decline since 2021! 📍 Biggest Drops: 🔻 Oakville, ON: -14.4% (2-bedroom homes) 🔻 Toronto: -9.7% 🔻 Vancouver: -9.2% 📈 Still Rising: Smaller markets like Gatineau (+18%) and Halifax (+11%) saw steep increases. Could this be the shift tenants were waiting for? 💡 Let’s see how it evolves! #CanadaRent #HousingTrends #RentDecline #Toronto #CityScape

📉 Good News for Renters! Across Canada, Rent Trends are Showing a Pullback in Prices! 🏙️ Nationwide Update: Asking rents fell 1.2% year-over-year in October, averaging $2,152 — the first annual decline since 2021! 📍 Biggest Drops: 🔻 Oakville, ON: -14.4% (2-bedroom homes) 🔻 Toronto: -9.7% 🔻 Vancouver: -9.2% 📈 Still Rising: Smaller markets like Gatineau (+18%) and Halifax (+11%) saw steep increases. Could this be the shift tenants were waiting for? 💡 Let’s see how it evolves! #CanadaRent #HousingTrends #RentDecline #Toronto #CityScape

The key message to landlords is to bring down your rent expectations. Looking into the rear-view mirror of past narratives is pointless. I want to be clear; I'm not talking about affordable housing rents. I focus on middle- and upper-class rentals. Asking rents to have peaked back in late 2023 and gained momentum into 2024. I've had to reduce asking rents across the board in Vancouver and Burnaby, in some over 10%. With the economic slowdown, to attract qualified tenants, landlords need to up their game by keeping their properties in good condition. https://lnkd.in/gJ_F_AXF

Alberta's rental market has seen dramatic shifts in 2024, with rent prices increasing 17.5% year-over-year. Calgary and Edmonton have been at the center of this growth, attracting interprovincial migration that’s driving up demand. Landlords are facing the opportunity of higher rental income but must also navigate tenant retention amid rising costs. Tenants are encountering affordability challenges, often needing to downsize or share housing. Learn more about what these trends mean for you and how GIL Property Management can help you navigate the changes. Click here for more information. https://buff.ly/48QtHvE #AlbertaRentals #RentalMarket #PropertyManagement #RentIncreases

In 2024, Alberta has outpaced many other regions in Canada with a rent price surge, fueled by the increasing demand for larger rental units and interprovincial migration. With rents for three-bedroom units jumping over 21% year-over-year, landlords are seeing profitability rise but may face challenges in attracting long-term tenants. Meanwhile, tenants are competing for fewer affordable units, leading to tough decisions on housing options. Curious how these shifts impact your rental property? Contact us and find out how we can help. https://buff.ly/2WHHZ0K #AlbertaRentals #RentalMarket #PropertyManagement #RentIncreases

The Canadian rental market is poised for significant shifts in 2024. While Alberta's rental market is expected to see rapid growth, Ontario and British Columbia are likely to experience slower progress. Despite record-high rent levels at the end of 2023, the overall outlook for 2024 suggests a more balanced environment, with rent growth expected to align closer to its five-year average. This trend reflects a broader stabilization, influenced by a slower economy, improved home buying conditions due to potential interest rate cuts, and increased apartment completions. Additionally, increased tenant turnover may help ease rental demand pressure, contributing to a moderation in rent growth. The market outlook for 2024 indicates continued high rent prices in cities like Toronto and Vancouver, yet Alberta stands out with its affordability and anticipated above-average growth. Overall, the upcoming year promises to bring a more level playing field to the Canadian rental market. #CanadianRentalMarket #RentalMarketInsights #HousingTrends #RealEstate2024 #RentalForecast

Current Trends and Developments in the Canadian Multifamily Rental Market Rent Increases and Regional Variations: 1) The average rent in Canada increased by 9.3% year-over-year, with notable regional differences. Alberta saw a 17.5% increase, British Columbia a 2% rise, and Ontario a 0.6% increase after a decline in April. 2) Studio apartments experienced the fastest growth, with purpose-built studios up by 17.8% to an average of $1,615. Housing Supply and Demand: 1) Despite the completion of new rental units, the demand for rentals continues to outstrip supply. This is exacerbated by the high costs of homeownership driven by elevated interest rates, which encourage more households to remain in rental housing. 2) The Canada Mortgage and Housing Corporation (CMHC) forecasts that economic conditions and interest rates will continue to impact housing starts and the rental market dynamics through 2025 and 2026. Government Initiatives: 1) In British Columbia, new measures have been introduced to protect renters from bad-faith evictions, highlighting the province’s efforts to address rental market challenges and protect tenants. 2) The City of Calgary is also actively selling land parcels for mixed-use and multi-family developments, aiming to increase housing supply in the region. These trends illustrate a complex landscape where rental costs are rising, supply struggles to keep pace with demand. As we move forward, it will be crucial for stakeholders to monitor these dynamics and adapt strategies accordingly to ensure a balanced and sustainable rental market in Canada. #MultifamilyRentals #RentalMarketTrends #CanadianHousing #RentGrowth #AffordableHousing #RealEstate #HousingPolicy #RentalDemand #HousingSupply #TraceRent

🏗️ 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗦𝘁𝗮𝗿𝘁𝘀 𝗨𝗽 𝗶𝗻 𝗖𝗮𝗻𝗮𝗱𝗮’𝘀 𝗦𝗶𝘅 𝗟𝗮𝗿𝗴𝗲𝘀𝘁 𝗖𝗶𝘁𝗶𝗲𝘀, 𝗕𝘂𝘁 𝗦𝘁𝗶𝗹𝗹 𝗙𝗮𝗹𝗹𝗶𝗻𝗴 𝗦𝗵𝗼𝗿𝘁 𝗼𝗳 𝗗𝗲𝗺𝗮𝗻𝗱 🏠 Here’s a breakdown of the latest news on housing starts in Canada: 𝟰% 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲 𝗶𝗻 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗦𝘁𝗮𝗿𝘁𝘀: During the first half of 2024, Canada’s six largest cities saw a 4% increase in housing starts, driven mainly by Calgary, Edmonton, and Montreal. 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝗶𝗻 𝗧𝗼𝗿𝗼𝗻𝘁𝗼 & 𝗩𝗮𝗻𝗰𝗼𝘂𝘃𝗲𝗿: In Toronto and Vancouver, housing starts fell by 10-20% due to high costs, regulatory delays, and rising interest rates, slowing the pace of construction. 𝗖𝗼𝗻𝗱𝗼 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝘁𝗿𝘂𝗴𝗴𝗹𝗶𝗻𝗴: Condo starts are lagging in most cities, especially in Toronto, where developers are struggling to meet pre-construction sales quotas due to soft demand and high borrowing costs. 𝗣𝘂𝗿𝗽𝗼𝘀𝗲-𝗕𝘂𝗶𝗹𝘁 𝗥𝗲𝗻𝘁𝗮𝗹𝘀 𝗼𝗻 𝘁𝗵𝗲 𝗥𝗶𝘀𝗲: Rental construction is booming, making up nearly half of the apartment units started in the first half of 2024. This trend is expected to help with future affordability as vacancy rates increase. 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗥𝗮𝘁𝗲 𝗜𝗺𝗽𝗮𝗰𝘁: The Bank of Canada’s interest rate cuts and lower fixed-rate mortgages are expected to boost construction moving forward. Developers are waiting for lower borrowing costs to push more projects forward. 𝗖𝗼𝗻𝗰𝗲𝗿𝗻𝘀 𝗳𝗼𝗿 𝗧𝗼𝗿𝗼𝗻𝘁𝗼: CMHC warns that Toronto’s housing market may take time to recover due to long delays in approvals and financing. 𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: While there’s progress, supply isn’t keeping up with demand. More purpose-built rentals and policy changes are needed to help improve affordability in Canada’s largest cities. #HousingStarts #RealEstateCanada #TorontoRealEstate #VancouverRealEstate #MortgageRates #RentalMarket #HomeConstruction #CanadaRealEstate

As the Canadian rental market begins to show signs of slowing down, we're seeing a shift in trends that could impact renters and landlords alike. With an annual rent increase of 5.9%, the market is experiencing its slowest growth in over two years, indicating a potential softening trend. Cities like Toronto and Vancouver are witnessing a decline in rental prices, offering more affordable options for tenants, while other regions like Saskatchewan and Alberta are seeing significant increases. For those navigating the rental landscape, it's essential to stay informed about these changes. Whether you're looking for a new place to call home or considering renting out a property, understanding these trends can help you make the best decisions for your future. As the market stabilizes, opportunities for affordable housing options are becoming more apparent, especially in certain regions and housing types. #CanadianRealEstate #RentalMarket #HousingTrends #RealEstateInsights #AffordableHousing #MarketUpdate

Calgary rent prices spike again but it's not all bad Contact me to discuss the latest scoop in real estate! #Realestatealberta #calgaryrealtors #yegrealestate #yegrealtor #yegrealty #yeghomes #sherwoodparkrealtor #sprucegroverealtor #stalbertrealtor #leducrealestate