With the pandemic coming to an end, rental rates are returning to normal

It seems that hope is on the horizon. For a long time, a feeling of waiting has overtaken us. The past year has been interminable and bleak. But now, the future is open. Like an unfurling flower in bloom or the sun delightfully moving out from behind a cloud, life and light are here at last. People are eating at restaurants again, returning to their workplaces, seeing friends and co-workers, and getting ready for what’s ahead. And with this beautiful anticipation and precious expansion of societal well-being, comes a shift in supply and demand for rental units. Rent prices in Canada are rising according to the latest National Rent Report by Rentals.ca. The average rent for Canadian properties increased in May by 2 percent month over month to $1, 708. This is a notable change as it is the first increase after six months of declines due to the pandemic. The Canadian rental market appears to be headed toward a healthy recovery. The border will soon reopen and the imminent flood of international students, immigrants, and tourists will surely drive up rental rates. Additionally, with more people vaccinated and optimistic about an approaching return to normalcy, many tenants are trying to get in before rents go up. As a result, demand for rental units has risen, especially in major cities. For the average rent price in May, Toronto comes in second behind Vancouver with $1,833 for a one-bedroom home and $2,455 for a two-bedroom. Average monthly rents in Toronto are still lower year over year by 12.9 percent for a one-bedroom and 7.5 percent for a two-bedroom. However, monthly average rents have gone up by 0.9 percent for a one-bedroom and 1.9 percent for a two-bedroom. As the light at the end of this COVID-19-tunnel shines brighter and bigger, the real estate market gains momentum.