The latest rent report from Rentals.ca finds asking rents are still dropping across Canada, but North Vancouver and Vancouver are the most expensive cities in the country. North Vancouver has the highest average rental listing in Canada at $3,039, with Vancouver at $2,686. B.C. is also the most expensive rental market, with landlords province-wide seeking an average of $2,384—4.5 per cent lower than at this time last year. “We are at a point right now in Canada where landlords or housing providers are a little bit more desperate to move some of these units,” explains Giacomo Ladas, of Rentals.ca. The B.C. city with the cheapest asking rent is Kamloops, sitting at $1,742 for a one-bedroom apartment, according to the report. Despite the decline in prices, many places are sitting vacant, with landlords trying to incentivize renters. “You can get two months free rent, sometimes even three months free rent and a gift card and free parking and a break on utilities,” says Ladas. Thomas Davidoff, an associate professor at the UBC Sauder School of Business, says the lack of demand combined with more supply is driving the decline. “What really matters is how many people are looking for how many homes,” Davidoff says. “We had way too many people for way too few homes a few years ago, and that situation has really changed quite a bit.” Christine Boyle, B.C.’s minister of Housing and Municipal Affairs, welcomed the recent report in a statement. “Our continued streak lowering rent prices is proof that good policy can make a real impact,” her statement reads “The province is working with the federal government to help British Columbians put down roots and rent to own a home.” Davidoff echoed Boyle’s sentiments, but added that the federal government’s reduced immigration levels are also driving the decline. “Barring a change in immigration policy or some fantastic thing happening in the economy, I don’t see rents jumping back upwards the way they did in prior years,” he says. The report also finds rents sought for two- and three-bedroom units are either flat or rising in most markets, suggesting families who rent are not necessarily feeling relief.
