With property values declining in Toronto and British Columbia, renters get a relief

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Ottawa, Apr 20 (Canadian-Media): With value of property decreasing all across Canada due to Covid19 pandemic, renters have started seeing some relief with decrease in rent, media reports said.

Real Estate in Canada. Image credit: Facebook page

Landlords are not happy with the declining value of their property even in Canada's hottest property markets, such as Vancouver and Toronto, including Airbnb market which is down  about 95 percent.

Although the demand for housing will likely eventually to climb, the decline in rental prices would have immediate impact on economic effects of the coronavirus.

This is because the market was already showing signs of strain and was due for a readjustment. Like other sectors of Canadian real estate, faults in a rental market dependent on high levels of borrowed money would be exposed due to the sudden economic downturn.