Canada’s average asking rent price continued its downward trend in November, falling 3.1 per cent year-over-year to $2,075, marking the 14th consecutive month of falling prices.
Rents have hit the lowest level since 2023, falling $100 from two years ago, according to the report.
“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,” said 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.”
Despite the extended downturn, average asking rents remained 3.4 per cent higher than three years ago.
Rental trends by unit type
Purpose-built rentals remained the most stable segment, with average rents falling just two per cent annually to $2,060, according to the report.
Condo rentals posted a 3.7 per cent year-over-year decline to $2,157, while other secondary market units dropped 5.2 per cent to $2,087.
Three-bedroom purpose-built units continued to outperform, rising 2.5 per cent annually to an average of $2,743.
One-bedroom rents fell 3.8 per cent to $1,811, while two-bedroom units declined 2.1 per cent to $2,179 and three-bedrooms dipped just 0.4 per cent to $2,503.
Saskatchewan and N.S. outpace national performance
At the provincial level, average apartment rents declined in every region except Saskatchewan (+0.5 per cent) and Nova Scotia (+1.8 per cent).
The sharpest declines were recorded in British Columbia (-6.4 per cent), Alberta (-4.3 per cent) and Ontario (-3.5 per cent).
Over three years, apartment rents have decreased in both B.C. (-2.6 per cent) and Ontario (-5.2 per cent), while Saskatchewan led growth with a 21.8 per cent increase.
Vancouver rents down nearly seven per cent
Each of Canada’s six largest cities posted annual rent declines in November. Vancouver rents fell 6.8 per cent to $2,692, their lowest level since March 2022, while Toronto rents dropped five per cent to $2,508, the lowest since May 2022.
Calgary rents declined 5.9 per cent, Montreal 3.3 per cent, Edmonton 2.8 per cent and Ottawa 0.7 per cent.
