Many renters across the country have benefitted from significant drops in Canada’s rental market over the past year, but according to a new report from Rentals.ca, the average national rent price is expected to go up by 3% by the end of 2021.
Rent prices, particularly in large cities like Toronto and Vancouver, saw steady decreases over the past year as the effects of the COVID-19 pandemic continued. The ability to work from home, a closed border, and online classes have all contributed to a higher than normal vacancy rate in the larger metropolitan areas, helping to drive down prices.