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 Manitoba 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.
VANCOUVER – Contract negotiations resume today in Vancouver in a labour dispute that has paralyzed container cargo shipping at British Columbia’s ports since Monday.
The BC Maritime Employers Association and International Longshore and Warehouse Union Local 514 are scheduled to meet for the next three days in mediated talks to try to break a deadlock in negotiations.
The union, which represents more than 700 longshore supervisors at ports, including Vancouver, Prince Rupert and Nanaimo, has been without a contract since March last year.
The latest talks come after employers locked out workers in response to what it said was “strike activity” by union members.
The start of the lockout was then followed by several days of no engagement between the two parties, prompting federal Labour Minister Steven MacKinnon to speak with leaders on both sides, asking them to restart talks.
MacKinnon had said that the talks were “progressing at an insufficient pace, indicating a concerning absence of urgency from the parties involved” — a sentiment echoed by several business groups across Canada.
In a joint letter, more than 100 organizations, including the Canadian Chamber of Commerce, Business Council of Canada and associations representing industries from automotive and fertilizer to retail and mining, urged the government to do whatever it takes to end the work stoppage.
“While we acknowledge efforts to continue with mediation, parties have not been able to come to a negotiated agreement,” the letter says. “So, the federal government must take decisive action, using every tool at its disposal to resolve this dispute and limit the damage caused by this disruption.
“We simply cannot afford to once again put Canadian businesses at risk, which in turn puts Canadian livelihoods at risk.”
In the meantime, the union says it has filed a complaint to the Canada Industrial Relations Board against the employers, alleging the association threatened to pull existing conditions out of the last contract in direct contact with its members.
“The BCMEA is trying to undermine the union by attempting to turn members against its democratically elected leadership and bargaining committee — despite the fact that the BCMEA knows full well we received a 96 per cent mandate to take job action if needed,” union president Frank Morena said in a statement.
The employers have responded by calling the complaint “another meritless claim,” adding the final offer to the union that includes a 19.2 per cent wage increase over a four-year term remains on the table.
“The final offer has been on the table for over a week and represents a fair and balanced proposal for employees, and if accepted would end this dispute,” the employers’ statement says. “The offer does not require any concessions from the union.”
The union says the offer does not address the key issue of staffing requirement at the terminals as the port introduces more automation to cargo loading and unloading, which could potentially require fewer workers to operate than older systems.
The Port of Vancouver is the largest in Canada and has seen a number of labour disruptions, including two instances involving the rail and grain storage sectors earlier this year.
A 13-day strike by another group of workers at the port last year resulted in the disruption of a significant amount of shipping and trade.
This report by The Canadian Press was first published Nov. 9, 2024.
The Royal Canadian Legion says a new partnership with e-commerce giant Amazon is helping boost its veterans’ fund, and will hopefully expand its donor base in the digital world.
Since the Oct. 25 launch of its Amazon.ca storefront, the legion says it has received nearly 10,000 orders for poppies.
Online shoppers can order lapel poppies on Amazon in exchange for donations or buy items such as “We Remember” lawn signs, Remembrance Day pins and other accessories, with all proceeds going to the legion’s Poppy Trust Fund for Canadian veterans and their families.
Nujma Bond, the legion’s national spokesperson, said the organization sees this move as keeping up with modern purchasing habits.
“As the world around us evolves we have been looking at different ways to distribute poppies and to make it easier for people to access them,” she said in an interview.
“This is definitely a way to reach a wider number of Canadians of all ages. And certainly younger Canadians are much more active on the web, on social media in general, so we’re also engaging in that way.”
Al Plume, a member of a legion branch in Trenton, Ont., said the online store can also help with outreach to veterans who are far from home.
“For veterans that are overseas and are away, (or) can’t get to a store they can order them online, it’s Amazon.” Plume said.
Plume spent 35 years in the military with the Royal Engineers, and retired eight years ago. He said making sure veterans are looked after is his passion.
“I’ve seen the struggles that our veterans have had with Veterans Affairs … and that’s why I got involved, with making sure that the people get to them and help the veterans with their paperwork.”
But the message about the Amazon storefront didn’t appear to reach all of the legion’s locations, with volunteers at Branch 179 on Vancouver’s Commercial Drive saying they hadn’t heard about the online push.
Holly Paddon, the branch’s poppy campaign co-ordinator and bartender, said the Amazon partnership never came up in meetings with other legion volunteers and officials.
“I work at the legion, I work with the Vancouver poppy office and I go to the meetings for the Vancouver poppy campaign — which includes all the legions in Vancouver — and not once has this been mentioned,” she said.
Paddon said the initiative is a great idea, but she would like to have known more about it.
The legion also sells a larger collection of items at poppystore.ca.
This report by The Canadian Press was first published Nov. 9, 2024.
