Canadian Rent Prices Drop to 15 Monthes Low Amid Regional Variations
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Average asking rents for residential properties in Canada declined to $2,139 in November, a 15-month low, according to the National Rent Report by Rentals.ca and Urbanation. This represents a 1.6% drop compared to the same period last year and a 0.6% decline from October. Over the past three months, rents have fallen by 2.2%, marking a gradual easing after years of rapid increases, especially in the secondary market for condos and houses in provinces like B.C. and Ontario. Purpose-built rental prices, however, remain stable.
Despite the recent declines, rents are still significantly higher than historical levels, having increased by 6.7% compared to two years ago and 18.8% over three years. Regional trends reveal notable differences: Ontario experienced the steepest annual declines, with average apartment rents falling 6.4% to $2,351, and B.C. rents dropped 2.3% to $2,524. Meanwhile, Alberta, Saskatchewan, and Manitoba saw rent increases, with Saskatchewan experiencing a sharp 12.1% rise.
Canada’s five largest cities also reported rent decreases. Toronto saw a significant drop of 9.4% year-over-year to $2,640, the lowest in 28 months, while Vancouver’s rents fell 8.9% to $2,888, a 30-month low. Calgary, Ottawa, and Montreal experienced moderate annual declines of 5.8%, 3%, and 2.3%, respectively, reflecting the broader national trend of softening rental prices in urban centers.
Read the full article on: REAL ESTATE MAGAZINE
