Royal Bank of Canada report finds rents falling in Canadian cities

 

 

Rent prices are falling in most Canadian cities, according to RBC. This is providing some relief for renters, according to a new report from Royal Bank of Canada.

In more than half of the country's 40 major cities, rents fell in the first three months of this year compared to the same period a year ago, according to a study by RBC economist Rachel Battaglia. Vancouver saw the biggest drop in rents for two-bedroom homes, down $270 a month. Kelowna and British Columbia also saw a drop of $230. Calgary saw a drop of $170 and Toronto saw a drop of $160. The report says that the decline in rents is due to more housing available for rent, a declining population, and the inability of many to afford higher rents. The report says the federal government's decision to reduce immigration has hit rental markets in Ontario and British Columbia harder than elsewhere. Places with a large student population have seen the biggest declines in rents. For example, monthly rents in Kitchener, Cambridge and Waterloo have fallen by $130, and in Guelph by $50.