Average asking rents in Canada have dropped year-over-year for the fifth consecutive month, reaching their lowest level since July 2023.
According to the latest Rentals.ca and Urbanation report, rents decreased by 4.8 per cent in February compared to the previous year, bringing the national average to $2,088.
“Rents in Canada are softening as supply exceeds demand,” said Shaun Hildebrand, president of Urbanation. “Expect rents to continue decreasing in the near-term as these trends likely remain in place.”
Rents in Canada have seen a significant decline from a year ago, with average asking rents down $105 per month. Despite this, average rents are still up 5.2 per cent compared to two years ago and $302 per month higher than they were five years ago.
Condo rents see steep declines
Average asking rents for condo apartments dropped 7.6 per cent year-over-year, hitting a 26-month low of $2,192. Studios and one-bedroom condos saw the steepest declines, down 10 per cent and 8.8 per cent, respectively.
Meanwhile, purpose-built apartments experienced a more moderate 1.9 per cent annual rent decline, averaging $2,070.
Where rents have dropped the most
Several major rental markets across Canada saw prices decline over the past year. Vancouver, Toronto, and Calgary experienced significant drops in one-bedroom rents.
Other Ontario cities also saw rental decreases, while Guelph and Halifax saw rent increases.
Editor’s note: The original headline indicated Canada’s average asking rent hit a 23-month low. We ran the numbers again and updated the headline. Next time, we’ll use a calculator.
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