New Report Reveals Current Rental Prices Across Canada

A newly released report reveals that average asking rents across Canada dropped year-over-year to $2,139 in November, marking the lowest level in 15 months. The Rentals.ca and Urbanation monthly report highlights a 1.6 per cent decrease in average rents compared to the same month last year, marking the second consecutive monthly decline after over three years of steady increases.

Despite this recent dip, Canadian rents remain 6.7 per cent higher than two years ago and 18.8 per cent higher than three years ago.

Shaun Hildebrand, president of Urbanation, notes that the decreases are mainly concentrated in the secondary rental market for condos and houses, particularly in British Columbia and Ontario. In contrast, rents for purpose-built apartments have remained stable.

Regionally, Ontario saw a 6.4 per cent decline in average apartment rents to $2,351, while British Columbia experienced a 2.3 per cent drop to $2,524. Quebec reported a slight decrease of 0.4 per cent, bringing its average to $1,969.

Conversely, other provinces experienced rental growth, led by Saskatchewan with a notable 12.1 per cent increase to an average of $1,361. Alberta also saw rent rise by 3.7 per cent year-over-year, reaching an average of $1,758.