Canadian rental market sees coming boom in vacancy rates

Tenants looking for rental housing in Canada may be encouraged by reports that show national rental rates continue to fall, though some markets are beginning to show price increases amid a mixed bag of economic and market conditions across the country.

Average asking rents fell 4.8 per cent nationally to $2,088 in a fifth straight month of declines, according to a report from Rentals.ca and Urbanation Inc. The report’s data are based on what landlords post in new listings, and doesn’t reflect whether tenants accept or negotiate those rates. Another listings site, Zumper, found similar results in the February edition of its Canadian Rent Index, which saw the rate for a one-bedroom apartment fall 0.3 per cent to $1,850, which was down 2.4 per cent year-over-year.