For the 18th consecutive month, annual rent has decreased according to the National Rent Report and Urbanation.
Rents have fallen to their lowest level in 35 months and were down 7.9 per cent compared to two years ago, while remaining flat compared to three years ago.
“The Canadian rental market downturn has deepened, with rents in March falling at their fastest pace since COVID,” said Shaun Hildebrand, president of Urbanation. “This shows in real-time the market impact from the declining population, coupled with ongoing affordability issues, heightened economic uncertainty, and record high apartment completions.”
At the provincial level, rent declines were concentrated in Canada’s largest areas, including B.C.
Apartment rents fell 4.8 per cent across the province. Vancouver rents remained below levels seen in early 2022 despite recent monthly increases.
The average asking rent for shared accommodations across B.C., Atla., Ontario, and Quebec declined 6.3 per cent annually in March to $899, falling below $900 for the first time in three years.
Rents continued to fall across all property types, with the largest declines seen in the secondary market.