Canadian Rental Market Sees Growth Amid Signs of Slowdown in Toronto
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In September, the Canadian rental market showed signs of continued growth, with most major markets across the country reporting rent increases, according to the latest National Rent Report by Rentals.ca and Urbanation. Average asking rents saw a month-over-month increase of 1.5%, reaching an average of $2,149. This represents an 11% year-over-year growth and marks a nine-month high in the annual rate of rent inflation. However, Toronto, Canada's largest rental market, experienced a slowdown in rent growth last month. Experts suggest that this deceleration in Toronto may indicate a broader economic cooling and increased affordability constraints for renters. Additionally, shared accommodations have become more popular, reflecting changing preferences among renters. Shaun Hildebrand, the president of Urbanation, noted that while rent inflation in Canada remained strong in September, most major markets, including Toronto, experienced a slower annual rate of rent growth compared to recent months, with Toronto seeing its slowest pace of rent growth in two years.
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