Average monthly rents were down in April over March in Toronto, Vancouver, Calgary and Ottawa, according to Rentals.ca and Bullpen Research & Consulting which produced the monthly National Rent Report.
Also, rental apartments and condo apartments listed on Rentals.ca were down 3.2 per cent and 4.6 per cent respectively month over month, even though average rents in Canada were unchanged in April over March at $1,842, said the report.
“But the coronavirus pandemic is starting to have an effect on Canada’s rental market.,” it added.
Calgary finished 23rd on the list of 33 cities for average monthly rent in April for a one-bedroom home at $1,156 and 24th for average monthly rent for a two-bedroom at $1,346, it said.
“Month over month, Calgary rent for a one-bedroom declined 2.6 per cent in April and 5.8 for a two-bedroom. Year over year, Calgary rent declined 11.8 per cent for a one-bedroom and 6.6 per cent for a two-bedroom,” said the report.
“Calgary rents declined 7.6 per cent month over month for rental and condominium apartments in April, while Edmonton rents for rental and condominium apartments decreased 11.3 per cent.”
The report said average rent declined from March to April in three large provinces: Alberta dropped 5.7 per cent; Ontario showed a 4.6 per cent decrease and British Columbia was down 0.7 per cent monthly.
“There has been much talk about COVID-19’s impact on the short-term rental market with travel restrictions in place. This can play out with more furnished apartments listed for long-term renters. On Rentals.ca, 25 per cent of Quebec’s rental and condo apartments were furnished; 17 per cent were furnished in Ontario and 15 per cent were furnished in British Columbia,” explained the report.
“As discussions continue on opening up the economy, Rentals.ca has experienced a noteworthy increase in website traffic with its all-time high in traffic numbers in the first week of May surging 59 per cent compared to the first week of April. There appears to be some optimism about the recovery, despite what some of the figures here suggest.”
“With the gradual opening of the economy, this may be the low point for rental rates in some time if tenants feel comfortable enough to move,” said Matt Danison, CEO of Rentals.ca, in a news release.
“When looking at rental apartments and condo apartments only, monthly average rental rates declined by 6 per cent or more in Toronto, Vancouver, Calgary, Winnipeg, Ottawa and Edmonton,” said Ben Myers, president of Bullpen Research & Consulting.
