The average asking rent for residential properties across Canada fell 2.2 per cent year-over-year in October to $2,105, marking the 13th consecutive month of annual declines, according to the latest National Rent Report from Rentals.ca and Urbanation. While rents continued to ease, the October decline was the smallest in nearly a year, suggesting the downturn may be moderating.
Average asking rents remain 6.2 per cent higher than three years ago and 14.0 per cent above pre-pandemic levels in October 2019.
“Rent decreases in Canada are generally letting up, with rents basically unchanged in October compared to a year ago, when excluding B.C. and Alberta,” said Shaun Hildebrand, President of Urbanation. “In the near-term, the rental market will continue to face headwinds from slowing population growth, elevated unemployment, and rising apartment completions.”
Month-over-month, asking rents slipped 0.9 per cent to reach an eight-month low. Purpose-built apartments declined 0.7 per cent annually to $2,085, while condos and other secondary rentals saw sharper drops of 4.3 per cent and 4.7 per cent, respectively. One-bedroom units recorded the largest annual decrease at 3.4 per cent, while three-bedroom units were nearly flat at -0.2 per cent. Notably, three-bedroom purpose-built apartments rose 3.5 per cent to $2,767, contrasting with studio condos, which plunged 14.2 per cent to $1,609.
Nationally, apartment rents fell 1.3 per cent, led by British Columbia (-5.8 per cent) and Alberta (-5.3 per cent). Ontario rents declined 2.2 per cent, Quebec 1.4 per cent, and Nova Scotia 0.2 per cent, while Saskatchewan and Manitoba posted gains of 1.8 per cent. Compared to two years ago, B.C. rents are down 9.6 per cent and Ontario 7.5 per cent, with Saskatchewan leading growth at 24.0 per cent.
All six of Canada’s largest cities reported annual rent declines. Vancouver led with a 7.4 per cent drop to $2,728, followed by Calgary at -7.2 per cent to $1,851. Toronto rents fell 3.3 per cent, Edmonton 3.4 per cent, Ottawa 1.9 per cent, and Montreal 1.6 per cent. Vancouver and Toronto rents hit multi-year lows, down more than 11 per cent and 13 per cent compared to three years ago.
Shared accommodations also weakened, with average asking rents across B.C., Alberta, Ontario, and Quebec down 8.1 per cent to $920, the lowest in 28 months. Vancouver posted the steepest decline at 16.7 per cent, while Ottawa bucked the trend, rising 19.1 per cent to $1,107 amid new co-living supply.
For the full report, visit www.rentals.ca
