Zumper report: Renters benefit as top Canadian markets witness rent declines, winter move advised for deals in the housing market. (BNN Bloomberg)
A recent report highlights an opportune moment for renters in Canada's priciest housing markets, where rent prices are on a downward trend.
According to a Zumper report released on Thursday, nine out of Canada's top 10 most expensive rental markets witnessed declines in average rent prices for one-bedroom apartments in December. Kelowna, B.C., the tenth priciest market, maintained stable rent prices.
The report highlighted that the winter season tends to see reduced competition in the rental market, as most renters prefer avoiding the challenges of relocating during the holiday season, dealing with cold weather, and managing travel plans. Consequently, the market becomes less competitive during this time.
Zumper's platform listed approximately 10,000 buildings offering move-in specials for the month. Additionally, property owners often lower rental prices to swiftly fill vacant units before the holiday season, providing opportunities for renters seeking favorable deals.
The report recommended that renters eyeing advantageous deals should consider moving during winter.
Notably, the national rent index for one-bedroom apartments experienced a 0.2% decline to $1,890 per month, marking the first monthly drop since summer 2022. Meanwhile, the rent index for two-bedroom apartments increased modestly by $10 to $2,360.
Although there was an overall rise in prices, the year-over-year surge has slowed down. December witnessed a 10.6% increase in one-bedroom apartment rents, compared to a 13% hike in the previous month.
Vancouver maintains its status as the costliest city for renting apartments, with average rents for one-bedroom apartments standing at $2,730 monthly. Following closely behind are Toronto and Burnaby at $2,500 and $2,490, respectively.
Zumper noted that only Kingston and Montreal among the top 15 cities saw month-over-month rent increases, at 5.8% and 6.3%, respectively. These cities stood out with rent hikes while others experienced a decline or stability in rental prices.
