Average rent in Canada drops for 1st time since 2021
Global News
The average asking rent for all residential property types in Canada saw its first annual decrease since July 2021, but it's yet to be seen if the drop will continue.
A month after seeing its slowest rate of growth in three years, average asking rents across Canada for all property types saw their first annual decrease since 2021 in October.
But that doesn’t mean all places saw the same drops — and while the national average went down, some places still saw local jumps.
According to the latest Rentals.ca and Urbanation report, the rate dropped by 1.2 per cent compared to October 2023, with the average rent hitting $2,152 per month down from $2,193 in September.
“It’s been a long-time coming,” Giacomo Ladas, associate director of communications for Rentals.ca, said in an interview.
The decline is being driven by drops in larger cities, especially in B.C. and Ontario with Vancouver seeing a drop of about 9.1 per cent year-over-year on a one bedroom, with Toronto dropping by 8.7 per cent.
According to Ladas, more housing supply to keep up with demand, a slowdown in international student growth causing fewer renters, and a softening in the labour market prompting Canadians to not move to the bigger cities are all contributing to the drop.
Even with these decreases in the big cities of Ontario and B.C. bringing down the national average rents, the report notes rental growth in the other provinces.
Saskatchewan, for example, lead the increases with an annual rise of 17.1 per cent, amounting to an average of $1,358, while rent in Nova Scotia was up by 9.6 per cent compared to 2023.
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