National rent prices decline year-over-year for first time since pandemic: report

A new report says average asking rents declined nationally on a year-over-year basis for the first time in more than three years in October.

The report from Rentals.ca and Urbanation finds average asking rents across Canada sat at $2,152 in October, down 1.2 per cent from the same month in 2023 — the first national decrease since July 2021.

The decline is mainly concentrated in Canada’s major urban centres, with cities like Toronto, Vancouver, Calgary, and Montreal seeing rent decreases.

Urbanation president Shaun Hildebrand says it is rare for rents to decline year-over-year at the national level, but predicts the trend will continue in the short-term amid a weakening economy.

B.C. and Ontario recorded the most significant annual rent decreases among the provinces, with the former seeing average asking rents for apartments down 3.4 per cent to $2,549 and the latter recording a 5.7 per cent drop to $2,350.

Rents rose 17.1 per cent in Saskatchewan, which remained the fastest-growing province in the country in terms of asking price, after seeing 23.5 per cent annual growth in September.

This report by The Canadian Press was first published Nov. 7, 2024.

Sammy Hudes, The Canadian Press