Average asking rents declined nationally on a year-over-year basis for the first time in more than three years in October, said a report out Thursday.
  • justhach@lemmy.world
    15·
    10 days ago

    Based on the report, the average asking rent for a one-bedroom unit in Canada was $1,923 in October, down 0.8 per cent from a year ago. The average asking price for a two-bedroom unit was $2,308, down 0.2 per cent.

    Oh, be still my beating heart. 0.2%. Remind me how much it has increased since 2019?

    The report says asking rents in Canada have increased overall by a total of 21 per cent, or an average of $384 per month, from two years ago, just before the start of interest rate hikes by the Bank of Canada.

    • sbvEnglish
      2·
      10 days ago

      You’re right, but changes are more pronounced in individual areas:

      B.C. and Ontario recorded the most significant annual rent decreases among the provinces, with the former seeing average asking rents for apartments down 3.4 per cent to $2,549 and the latter recording a 5.7 per cent drop to $2,350.

      Rents rose 17.1 per cent in Saskatchewan, which remained the fastest-growing province in the country in terms of asking price, after seeing 23.5 per cent annual growth in September.

      By city, Toronto recorded the largest annual decline in asking rents for apartments in October, at 9.2 per cent, to reach an average of $2,642. Vancouver saw an 8.4 per cent year-over-year rent decline to an average of $2,945, while Calgary apartment rents fell 4.7 per cent to $1,995.

      In Montreal, average rents were down 2.9 per cent at $1,987. Ottawa apartment rents held steady with a 0.4 per cent annual increase to reach $2,207.

      However, Edmonton led rent growth in Canada’s largest markets as apartment rents rose 8.4 per cent annually to an average of $1,584.

      You’re right that we’re still fucked relative to 2019, but at least some areas are seeing a bit of relief.

  • masterofn001@lemmy.ca
    42·
    10 days ago

    That’s great.

    Now, explain why I just got a letter stating my always paid fully on time credit card will be increasing the interest rate by 4%.

    As the interest rates are cut by both the BoC and the Federal Reserve.

    My credit history is spotless and my score is very good.

    What the fuck is this shit.

    I’d call my MP but they’re useless.

    • cygnus@lemmy.ca
      71·
      10 days ago

      Why do you care if you pay it off on time? Credit cards have always had horrible interest rates.

    • wise_pancake@lemmy.ca
      2·
      10 days ago

      Banks have been trying to dump “high risk” (based on their own systems) clients with as a recession risk.

      They’re reducing credit limits and increasing interest rates to lower unsecured debt ratios.

    • SapientLasagna@lemmy.ca
      2·
      10 days ago

      Oh, that’s easy. The BoC overnight rate is only one of the factors that go into the Prime Rate, which is determined by the banks themselves. The Prime Rate is also down by about half a percent.

      Credit card rates on the other hand, are set by the banks based on how much they want to rip you off. The only government involvement there is that the card has to stay under the criminal interest rate, or 48% APR.

      The current Government has proposed to reduce that rate to 35% APR, but we’ll see.

      In short, your MP won’t be able to help with your credit card, because cards are issued by the banks, not the Government. Personally, I’d love to see Canada Post get into personal banking, but it’s a bit of a pipe dream.