Report Shows First Decrease in National Rent Prices Year-Over-Year Since Pandemic Outbreak

November 7, 2024 TruthUSA

A recent study has revealed that average asking rents have decreased nationally year-over-year for the first time in over three years during October.

According to the report from Rentals.ca and Urbanation, the average asking rent across Canada was $2,152 in October, showing a 1.2 percent decrease from the same month in 2023—marking the initial national decline since July 2021.

This decline is primarily evident in Canada’s major urban areas, with cities like Toronto, Vancouver, Calgary, and Montreal experiencing a drop in rents.

Shaun Hildebrand, the president of Urbanation, stated that it is uncommon for rents to decrease year-over-year at the national level, but he anticipates this trend will persist in the short term due to a weakening economy.

British Columbia and Ontario saw the most significant annual rent decreases among the provinces, with the former observing a 3.4 percent decrease in average asking rents for apartments to $2,549, and the latter recording a 5.7 percent drop to $2,350.

Meanwhile, rents in Saskatchewan rose by 17.1 percent, maintaining its status as the fastest-growing province in terms of asking prices after experiencing a 23.5 percent annual growth in September.