In a recently released report from Rental.ca, the average rent price across Canada has decreased 8.5 per cent from last March.
According to the report, the drop in price is in part due to the effects of the pandemic, including the desire for more space and the uncoupling of many workers to the location of their employer’s office.
Though, the average rent in Vancouver, Toronto and Montreal increased in March over February this year and Vancouver is still the most expensive city for one and two-bedroom rentals.
Victoria finished 11th and 14th, respectively, on the list for average monthly rent in March for a one-bedroom and two-bedroom home.
Monthly and annual rents for a one-bedroom home in Victoria went down to an average of $1,617, while a two-bedroom place went up to $1,902.
It was reported that it costs a tenant a little more than half as much to live in Saskatchewan than British Columbia.
In Canada, median rent levels by bedroom type show that studios, two-bedroom, three-bedroom and four-bedroom properties have all increased year over year, suggesting that outliers have had a big impact on the averages.
According to the Rentals.ca, renters continue to look for larger units for a home office, which has resulted in more smaller units being listed.
This is driving rental prices down, contributing to the drop in the market, nation-wide.
According to Rental.ca, tenants will look to get in at the bottom before rents rise in conjunction with the rise in vaccine distribution.
“With the likelihood that downtown offices will reopen within the next year, it is clear that some tenants are taking advantage of the lower rents and greater choice to secure a better location or bigger unit than they had prior to the pandemic,” said Ben Myers, president of Bullpen Research & Consulting.