TORONTO – A new report says growth in average asking rents across Canada last month slowed to the lowest rate since October 2021, at 2.1 per cent year-over-year.
The report from Rentals.ca and Urbanation finds average asking rents sat at $2,193 for September, marking the fifth straight month that the annual rate has slowed from May’s nine per cent growth.
Urbanation president Shaun Hildebrand says rents in Canada are increasing at the slowest pace in nearly three years, which he attributes to foreign student enrolments dropping by roughly half from record highs.
Ontario and B.C. recorded the most significant annual rent declines, with the former seeing average asking rents for purpose-built and condominium apartments down 4.3 per cent to $2,380 and the west coast province recording a 3.2 per cent drop to $2,570.
Rents surged 23.5 per cent in Saskatchewan, making it the fastest-growing province in the country in terms of asking price.
By city, apartment rents declined in Vancouver, Toronto, Calgary, and Montreal, while Ottawa saw a slight increase.
This report by The Canadian Press was first published Oct. 9, 2024.
