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Canada average rent reaches new records in Oct.

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Rental prices in Canada reached a new high with the average asking price of $2,149 per month, according to a new report compiled by a Canadian rental listings website.

According to Rentals.ca and real estate research firm Urbanation, the Canadian market continued its upward trajectory with data suggesting a monthly increase of 1.5 per cent from August, and an annual surge of 11.1 per cent.

Experiencing double-digit year-over-year growth, the annual rate of rent inflation surged to its highest point in nine months, stated the report.

The report’s metrics are based on new listings, not what existing tenants are paying per month.

In terms of rental types, one-bedroom units recorded the fastest annual growth in asking rents, soaring by 15.5 per cent, reaching an average of $1,905.

Two-bedroom apartments averaged $2,268, marking a 13.1 per cent increase year-over-year, while three-bedroom units were up by 11.4 per cent, averaging $2,514.

Studios, representing the most economical choice, had the lowest year-over-year growth with an increase of 11.3 per cent, averaging $1,511 in rental prices.

Asking rents for purpose-built and condominium apartments averaged a record high of $2,078 in September, increasing 1.6 per cent month-over-month and 13.3 per cent year-over-year.

NOVA SCOTIA AND ALBERTA LEAD RENT GROWTH

Breaking down the data by region, Nova Scotia and Alberta led the provinces in rent growth for both purpose-built and condominium apartments in September, with rates of 15.4 per cent and 15.3 per cent, respectively.

Nova Scotia surpassed Alberta with the average asking rents for apartments by reaching $2,088, while Alberta rose to $1,663.

Quebec had the third fastest annual growth with a rate of 13 per cent, followed closely by British Columbia with 12.3 per cent.

Despite having one of the highest growth rates year-over-year, Quebec’s asking rents remained below the national average with $1,970, while B.C. had the highest average of all provinces at $2,656.

In Ontario, the annual rate growth slowed from 9.9 per cent in August to 6.6 per cent in September. Asking rents in the province also declined by 0.4 per cent month-over-month. Yet, despite this glimpse of financial hope, Ontario still has the second highest rent average by province at $2,486.

The Prairie provinces remained the most financially friendly locations as Saskatchewan and Manitboa both had the slowest annual rent growth in September at 3.8 per cent and 3.1 per cent, respectively.

Saskatchewan’s asking rents averaged $1,115 and $1,431 for Manitoba.

TORONTO RENTAL MARKET SLOWS, VANCOUVER GROWS

While most major markets across Canada witnessed robust rent increases, there was a noticeable slow down in Toronto compared to August. The rent growth in Canada’s most populated city slowed from 8.7 per cent to 2.3 per cent, making it the slowest annual rate increase in two years.

Although month-over-month average rent prices in Toronto did not change significantly, this city still has the second-highest asking rate at $2,902. Right behind Vancouver at an average of $3,339, which is a 7.7 per cent increase year-over-year.

Among Canada’s largest markets, Calgary maintained its annual growth lead as asking rent prices reached an average of $2,091, or a 14.3 per cent increase in September.

Montreal also had a rent increase in the double-digits at 10.2 per cent, raising the average asking rent price to $2,030.

When it comes to the country’s medium and smaller markets, there was also a significant annual rent growth for purpose-built and condominium rental apartments in September.

Richmond, B.C., which is part of Greater Vancouver, had the strongest growth at 28.9 per cent, followed by Cote-Saint-Luc, Que., part of Greater Montreal, at 27.5 per cent and Red Deer, Alta at 21.8 per cent.

In Ontario, Oakville had the fastest annual growth of 19.4 per cent.

Within smaller provinces, Halifax and Regina had one of the highest increases at 15.5 per cent and 13.4 per cent, respectively.

In terms of prices, four of the five most expensive mid-sized markets in Canada are located in Greater Vancouver, according to the report’s data. North Vancouver average asking rent is $3,481, followed by Burnaby at $3,062, Coquitlam at $2,976 and Richmond at $2,940.

Outside of Toronto, Ontario’s most expensive markets include Oakville, averaging $2,960, Brampton ($2,704), Vaughan ($2,697), Mississauga ($2,687), Etobicoke ($2,634), and North York ($2,629).

ROOMMATE RENTALS CONTINUE TO SURGE

According to the rental report, roommate rentals have become more popular. Over the last three months, there was a 27 per cent increase compared to last year.

This trend has been particularly pronounced in B.C. and within Ontario, as shared accommodation listings increased by 40 and 78 per cent, respectively.

Average asking rents for shared accommodations rose by 18 per cent year-over-year in September, reaching $944 per month. Vancouver had the highest average asking rent at $1,590, while Toronto had $1,308.

 

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In the news today: Canadians watch as Americans head to the polls

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Here is a roundup of stories from The Canadian Press designed to bring you up to speed…

Canadians watch as Americans head to the polls

Millions of Americans are heading to the polls Tuesday as a chaotic presidential campaign reaches its peak in a deeply divided United States, where voters in only a handful of battleground states will choose the country’s path forward.

Vice-President Kamala Harris and former president Donald Trump have presented starkly different visions for America’s future, but polling shows the two remain in a dead heat.

Canada’s ambassador to the United States Kirsten Hillman has been travelling across America meeting with key members of the Republican and Democratic teams to prepare for any outcome. On election night, after her embassy duties are finished, she’ll be watching the results with her husband and friends,

A shared history and 8,891-kilometre border will not shield Canada from the election’s outcome. Both candidates have proposed protectionist policies, but experts warn if the Republican leader prevails the relationship between the neighbours could be much more difficult.

A cause for concern in Canada and around the world is Trump’s proposed 10 per cent across-the-board tariff. A Canadian Chamber of Commerce report suggests those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.

Here’s what else we’re watching…

5 things for Canadians to watch in U.S. election

Americans are facing a decision about the future of their country and no matter which president they choose, Canada cannot escape the pull of political polarization from its closest neighbour.

Vice-President Kamala Harris and former president Donald Trump present starkly different paths forward for the United States and the race for the White House appears to be extremely close.

The U.S. is Canada’s largest trading partner and its next president will be in charge during the review of the Canada-U.S.-Mexico agreement in 2026.

Harris has campaigned on the fact that she voted against the trilateral agreement, saying it didn’t do enough to protect American workers or the environment. The vice-president is largely expected to maintain President Joe Biden’s Buy American procurement rules.

The centrepiece of Trump’s agenda is a proposed 10 per cent across-the-board tariff.

B.C. ports shuttered as lockout takes hold

One of Canada’s most vital trade arteries is cut off as employers at most of British Columbia’s ports lock out their workers in a dispute involving about 700 unionized foremen.

The BC Maritime Employers Association says it defensively locked out members of the International Longshore and Warehouse Union Local 514 after the union began strike activity yesterday.

However, union president Frank Morena says the employers grossly overreacted to the union’s original plan for an overtime ban, adding that its negotiators are ready to re-engage in talks at any time.

Canadian political and business leaders have expressed concern with another work stoppage at the ports, after job action from the big railways earlier this year and a 13-day strike in a separate labour dispute last year.

The Greater Vancouver Board of Trade says it is relaunching its Port Shutdown Calculator, a tool to illustrate the economic damage caused by the labour dispute and introduced during the job action last year.

UN refugee chief: cutback wise amid housing crisis

The head of the United Nations refugee agency says it is wise of Canada to scale back the number of new refugees it plans to resettle if that helps stabilize the housing market and prevents backlash against newcomers.

Filippo Grandi, the UN High Commissioner for Refugees, met with the prime minister in Ottawa on Monday.

His visit comes a little more than a week after the federal government announced plans to cut overall immigration levels by 20 per cent for 2025 — a cut that includes refugees and protected persons.

The move has drawn condemnation from migrant groups, including the Canadian Council for Refugees, who called the new plan dangerous and a betrayal.

Grandi says Canada remains a global leader in resettlement, but says that pro-refugee sentiment is fragile in an economic or housing crisis and it would be “really negative” to see it destroyed.

N.S. memorial honours service of eight brothers

A new memorial recently dedicated in a small Nova Scotia community honours eight brothers whose story of service in the Second World War had been all but lost to local memory.

The Harvie brothers from Gormanville, N.S., all served in Europe — six returned home, while two died and are buried overseas.

A black granite monument is now inscribed with the names and photos of Avard, Burrell, Edmund, Ernest, Ervin, Garnet, Marven and Victor Harvie. It stands in a small memorial park just up the road from their hometown, beside the Royal Canadian Legion branch in Noel, N.S.

The number eight is inscribed prominently in the middle of the memorial.

The monument in the town about 70 kilometres north of Halifax is the brainchild of legion president Jeff Thurber, who only became aware of the Harvie brothers’ remarkable story around the time of his branch’s Remembrance Day service last year. That was when he happened to see them mentioned in a memorial book kept by the legion.

This report by The Canadian Press was first published Nov. 5, 2024.



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Demonstration outside Brampton Hindu temple broken up after weapons spotted: police

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A Hindu temple in Brampton, Ont., where violence erupted over the weekend was the site of another demonstration on Monday night that police broke up after they say weapons were spotted in the crowd.

Peel Regional Police said in social-media updates that the demonstration was declared an unlawful assembly shortly before 10 p.m., after officers saw weapons “within the demonstration.”

Police say the demonstration converged at an intersection outside the Hindu Sabha Mandir temple, shutting down traffic along Gore Road in both directions, before crowds dispersed by 1 a.m.

Pro-Hindu groups who shared details of Monday’s demonstration suggested it came in response to Sikh separatists who protested a visit by Indian consular officials to the temple on Sunday.

Three people were arrested and a Peel police officer was suspended after Sunday’s protest, with social-media videos seeming to show fist fights and people striking each other with poles on what appeared to be grounds of the temple.

In response to Monday’s demonstration, Brampton Mayor Patrick Brown shared a video of a man he accused of trying to “direct violence against those of Sikh faith.”

“Agitators trying to incite violence need to be dealt with promptly and swiftly with the full extent of our hate laws,” Brown said in a Tuesday morning post on X.

The Canadian Press has not independently verified the contents of the video posts on social media.

Before Monday’s demonstration, Indian Prime Minister Narendra Modi had condemned Sunday’s violence as a deliberate attack on a Hindu temple and an attempt to intimidate diplomats.

Canada expelled six Indian diplomats last month for allegations that they used their positions to collect information on Canadians in the Sikh separatist movement, and then passed the details on to criminal gangs who targeted the individuals directly.

India, which has rejected those allegations, has long accused Canada of harbouring terrorists involved in a Sikh separatist movement calling for an independent country called Khalistan. Canadian officials have said related extradition requests from India often lack adequate proof.

This report by The Canadian Press was first published Nov. 5, 2024.

The Canadian Press. All rights reserved.



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B.C. ports shuttered as lockout takes hold in latest labour dispute

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VANCOUVER – One of Canada’s most vital trade arteries is cut off as employers at most of British Columbia’s ports lock out their workers in a dispute involving about 700 unionized foremen.

The BC Maritime Employers Association says it defensively locked out members of the International Longshore and Warehouse Union Local 514 after the union began strike activity yesterday.

However, union president Frank Morena says the employers grossly overreacted to the union’s original plan for an overtime ban, adding that its negotiators are ready to re-engage in talks at any time.

Canadian political and business leaders have expressed concern with another work stoppage at the ports, after job action from the big railways earlier this year and a 13-day strike in a separate labour dispute last year.

The Greater Vancouver Board of Trade says it is relaunching its Port Shutdown Calculator, a tool to illustrate the economic damage caused by the labour dispute and introduced during the job action last year.

Board president Bridgitte Anderson says the latest port shutdown will disrupt $800 million worth of goods daily, with every hour of the closure fuelling inflation.

“This shutdown is the latest in a long line of highly damaging labour disputes that have hurt Canada’s economy and international reputation,” Anderson says.

“Through the Port Shutdown Calculator, we want to demonstrate the profound and escalating impact of this labour dispute.”

The employers and the workers represented by Local 514 have been without a contract since March 2023.

This report by The Canadian Press was first published Nov. 5, 2024.

The Canadian Press. All rights reserved.



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