In November, the average asking rents for residential properties in Canada dropped to $2,139, hitting a 15-month low, as reported in the National Rent Report by Rentals.ca and Urbanation. This represents a 1.6 per cent year-over-year decrease and a 0.6 per cent drop from October. The downward trend follows a similar pattern seen earlier in the fall, with rents down by 2.2 per cent over the past three months.
Shaun Hildebrand, President of Urbanation, mentioned, “Overall, the recent decline in rents has been very mild and is allowing affordability to improve following a rapid escalation in rents over the past few years. Declines have primarily been observed in the secondary market for condos and houses, mainly in B.C. and Ontario, while purpose-built rents remain stable.”
Despite the decrease, rents are still significantly higher than historical levels, with a 6.7 per cent increase compared to two years ago and an 18.8 per cent rise from three years ago. Over the past five years, rents have risen at an average annual rate of 3.4 per cent, aligning well with long-term trends according to the report.
Regional variations highlight market differences
Ontario experienced the sharpest declines, with average apartment rents decreasing by 6.4 per cent year-over-year to $2,351. Particularly, two-bedroom apartments in the province saw a significant drop of 7.6 per cent. B.C. also reported a decrease, with rents falling by 2.3 per cent annually to $2,524. Quebec observed a slight decline of 0.4 per cent, bringing the average asking rent to $1,969.
Contrary to the national trend, Alberta saw a 3.7 per cent increase in rents, while Saskatchewan witnessed a notable jump of 12.1 per cent and Manitoba’s average rent surged by 7.9 per cent. In the Maritimes, New Brunswick experienced a 5.1 per cent growth, and Nova Scotia saw a 4.4 per cent increase. Newfoundland and Labrador remained relatively stable, with rents only declining by 0.4 per cent.
Declines in Canada’s largest cities
The five largest cities in Canada all reported decreases in rents. Toronto’s average asking rent decreased by 9.4 per cent year-over-year to $2,640, hitting a 28-month low. Vancouver saw an 8.9 per cent decline to $2,888, its lowest point in 30 months. Calgary, Ottawa, and Montreal also saw year-over-year decreases of 5.8 per cent, 3 per cent, and 2.3 per cent, respectively.
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