By Sammy Hudes
The report from Rentals.ca and Urbanation reveals that average asking rents across Canada stood at $2,152 in October, down 1.2% from the same month in 2023 – the first national decline since July 2021 .
The decline is primarily concentrated in Canada’s large urban centers, with cities like Toronto, Vancouver, Calgary and Montreal experiencing falling rents.
Planning Chairman Shaun Hildebrand said it was rare for rents to decline year-on-year nationally.
“This is happening as the main drivers of rent growth in recent years – a growing economy, a rapidly growing population and increasingly affordable homeownership – are beginning to reverse,” he said. Hildebrand said.
“As a result, we can likely expect this rent trend to continue in the near term, especially as apartment completions remain at record highs. »
British Columbia and Ontario recorded the largest annual rent declines among the provinces, with the former seeing the average asking rent for apartments fall 3.4% to $2,549 and the latter seeing a drop of 5.7% to $2,350.
Rents increased by 17.1% in Saskatchewan, which remains the province with the fastest growth in asking prices in the country, after experiencing annual growth of 23.5% in September.
By city, Toronto saw the largest annual decline in apartment asking rents in October, down 9.2%, to an average of $2,642. Vancouver saw a year-over-year rent decline of 8.4 per cent to an average of $2,945, while apartment rents in Calgary fell 4.7 per cent to $1,995.
In Montreal, the average rent decreased by 2.9% to $1,987. Apartment rents in Ottawa remained stable with an annual increase of 0.4% to $2,207.
However, Edmonton led rent growth among Canada’s largest markets, with apartment rents increasing 8.4% annually to an average of $1,584.
According to the report, the average asking rent for a one-bedroom unit in Canada was $1,923 in October, down 0.8% from last year. The average asking price for a two-bedroom unit was $2,308, down 0.2%.
Overall, asking rents for purpose-built rental apartments in October increased 1.7% from a year earlier to an average of $2,100.
Meanwhile, condo rents, which averaged $2,265, fell 3.8 per cent.
This report by The Canadian Press was first published November 7, 2024.
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Last modification: November 7, 2024