Rental costs in St. Catharines continued to fall in November while Niagara Falls prices rose again. Photo Credit: iStock.
The average one-bedroom rent in St. Catharines was down 1.2 per cent month-over-month to $1,660 in November 2024, according to the latest Rentals.ca market update.
One-bedroom rents are also down 0.1 per cent year-over-year from November 2023.
Meanwhile, a two-bedroom unit in St. Catharines costs an average of $1,972, which is down 1.1 per cent from the previous month but up one per cent from last year.
For Canada-wide numbers, the report notes that rents in Canada declined to a 15-month low.
“Asking rents for all residential properties in Canada declined to a 15-month low of $2,139 in November. Rents fell 1.6% on an annual basis in November, which followed a 1.2% decrease in October,” reads the report.
However, the report also notes that rents are still much higher in Canada now than they were a few short years ago.
“Despite the recent dip, average rents in Canada were 6.7% higher than two years ago and 18.5% higher than three years ago. Over the past five years, rents in Canada grew by an average of 3.4% per year, generally in line with the long-term growth trend.”
Out of all the Canadian listings examined Rentals.ca report, the average for a zero-bedroom studio for November was $1,629 a one-bedroom was $1,921, and the two-bedroom average was $2,302.
Therefore, the average one-bedroom and two-bedroom rents in St. Catharines are below the Canada-wide average.
Regarding rankings, St. Catharines is the 27th most expensive city to rent a one-bedroom unit out of the 35 cities examined, down one place since October, indicating the city is becoming more affordable compared to other major Canadian municipalities.
In fact, St. Catharines is rated as the most affordable Ontario city examined other than Windsor.
The other Niagara Region city included in the analysis is Niagara Falls. Niagara Falls ranks as the 22nd most expensive one-bedroom unit rent with an average of $1,750, while the average two-bedroom unit was $2,091. That’s an increase of five spots from just two months ago.
Niagara Falls continues to become more expensive than St. Catharines, a reversal of trends up until October.
However, Niagara Falls rental prices for one-bedroom and two-bedroom units are still below the national average.
The report notes that condos, homes and townhomes recorded a Canada-wide annual decline in asking rents in November, while rental prices for apartments increased.
Meanwhile, purpose-built studios rents experienced the fastest annual growth of 4.6 per cent in November, indicating that Canadians are in the market for smaller rentals to help offset the rapid increase in overall rent prices that, while down recently, have risen dramatically since 2021.
Purpose-built units are those in properties that are built specifically for rental or long-term tenancy and usually include amenities such as fitness areas, swimming pools, and communal spaces.
The report also notes that Ontario and British Columbia were the only provinces to record a year-over-year decline in apartment rents in November, with Ontario rentals down six per cent from November 2023 to an average of $2,351.
Meanwhile, apartment rents soared in Saskatchewan (+12 per cent) and grew in Manitoba (+8 per cent), Atlantic Canada (+8 per cent), and Alberta (+4 per cent).
The five most expensive cities of the 35 examined in the report include two in British Columbia (Vancouver and Burnaby) and three in Ontario (Toronto, Oakville and Brampton).
The five most affordable cities of the 35 examined in the report include one in Quebec (Quebec City), two in Alberta (Edmonton and Fort McMurray), and two in Saskatchewan (Saskatoon and Regina).
The data used in the Rentals.ca analysis is based on monthly listings from the Rentals.ca Network of Internet Listings Services (ILS).
The rankings and report are written by real estate research firm Urbanation.
The Rentals.ca Network of ILS’s data covers both the primary and secondary rental markets and includes basement apartments, rental apartments, condominium apartments, townhouses, semi-detached houses, and single-detached houses.
Jay Goldberg is the Ontario Director at the Canadian Taxpayers Federation. He previously served as a policy fellow at the Munk School of Public Policy and Global Affairs. Jay holds a Ph.D. in Political Science from the University of Toronto.
