The rental market in Canada experienced a 3.2% decrease in average asking rents in September compared to the previous year, with the average rent now standing at $2,123. This marks the 12th consecutive month of annual declines in the rental sector.
According to the latest report from Rentals.ca and Urbanation, asking rents for purpose-built apartments dropped by 2.1% year-over-year to an average of $2,093. Similarly, rents for condominium apartments decreased by 3% to $2,226.
Shaun Hildebrand, the president of Urbanation, noted that renters across many regions are benefiting from improved affordability, with residents in expensive markets like Vancouver and Toronto experiencing the lowest rent levels in nearly four years.
The national average asking rent in Canada has declined by 1.2% over the past two years, marking the first consecutive two-year decrease since January 2022. British Columbia and Alberta saw the largest declines in September, with rents falling by 5.5% to an average of $2,430 and $1,734, respectively.
Ontario recorded a 2.7% drop to $2,316, while Nova Scotia saw a 2.2% decrease to $2,293, Quebec experienced a 0.5% decline to $1,957, and Saskatchewan had a 0.3% drop to $1,374.