Canada’s average rent prices drop for a 14th month in a row

The latest National Rent Report from Rentals.ca and Urbanation is out for November, and it looks like Canada’s average rent prices have dropped for the 14th month in a row. So if you’re on the hunt for a new apartment or rental in your city, this is a prime time to be looking.

According to the report, national rent has fallen $100 below last year’s level to an average of $2,074 per month.

It’s not all good news, though. Despite the months of decline, asking rents remain 3.4 per cent higher than they were three years ago.

“The rental market in Canada continues to face short-term challenges as demand pulls back due to a flattening in population growth and continued economic uncertainty, while at the same time supply ramps up as a record number of apartments finish construction,” explains Shaun Hildebrand, president of Urbanation. “In this environment, rents can be expected to continue trending down in the next few months during the typical seasonal slowdown.”

Rent by province

At the provincial level, the average rent declined in every region except Saskatchewan and Nova Scotia, where it rose 0.5 per cent and 1.8 per cent, respectively.

The sharpest rent drops compared to last month occurred in B.C. (-6.4 per cent), Alberta (-4.3 per cent), and Ontario (-3.5 per cent). Over a three-year period, B.C.’s rent dropped 2.6 per cent, and Ontario’s fell by 5.2 per cent.

Compared to last year’s rent, Canada’s most expensive rental markets saw some improvement. In Vancouver, rent prices fell 6.8 per cent to $2,692 per month, while Toronto’s rent prices dropped five per cent to $2,508 per month, which is the lowest it has been since May 2022.

The average annual rent dropped 5.9 per cent in Calgary, 3.3 per cent in Montreal, and 0.7 per cent in Ottawa. In Edmonton, it fell 2.8 per cent, though three-bedroom rents rose 1.9 percent.

Conversely, the steepest annual declines were recorded for two-bedroom apartments in Toronto (-8.3 per cent) and three-bedrooms in Vancouver (-8.8 per cent).

For shared accommodations across B.C., Alberta, Ontario, and Quebec, the average rent declined 8.3 per cent to $914 — the lowest level in over two years.

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