A building with "For Rent" and "For Sale" signs is posted in Montreal, Tuesday, Oct. 1, 2024. THE CANADIAN PRESS/Christinne Muschi
GACAverage asking rents declined nationally on a year-over-year basis for the first time in more than three years in October, said a report out Thursday.
The report from and Urbanation found 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鈥檚 major urban centres, with cities like Toronto, Vancouver, Calgary, and Montreal seeing rent decreases.
Urbanation president Shaun Hildebrand said it is rare for rents to decline year-over-year at the national level.
"This is happening as the key drivers of rent growth in recent years 鈥 a strengthening economy, quickly rising population, and worsening homeownership affordability 鈥 are beginning to reverse,鈥 said Hildebrand.
鈥淎s a result, we can likely expect this trend for rents to continue in the near-term, particularly as apartment completions remain at record highs.鈥
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.
By city, Toronto recorded the largest annual decline in asking rents for apartments in October, at 9.2 per cent, to reach an average of $2,642. Vancouver saw an 8.4 per cent year-over-year rent decline to an average of $2,945, while Calgary apartment rents fell 4.7 per cent to $1,995.
In Montreal, average rents were down 2.9 per cent at $1,987. Ottawa apartment rents held steady with a 0.4 per cent annual increase to reach $2,207.
However, Edmonton led rent growth in Canada鈥檚 largest markets as apartment rents rose 8.4 per cent annually to an average of $1,584.
Based on the report, the average asking rent for a one-bedroom unit in Canada was $1,923 in October, down 0.8 per cent from a year ago. The average asking price for a two-bedroom unit was $2,308, down 0.2 per cent.
Overall, asking rents for purpose-built rental apartments in October rose 1.7 per cent compared with a year earlier to reach an average of $2,100.
Meanwhile, condominium apartment rents, which averaged $2,265, were down 3.8 per cent.
This report by 好色tvwas first published Nov. 7, 2024.
The 好色tv Press. All rights reserved.
For many Indigenous communities, access to financial services and economic opportu…
Trust in international money transfers has long been tied to physical places: a ba…
Sorry, an error occurred.
Already Subscribed!
Cancel anytime
Thank you .
Your account has been registered, and you are now logged in.
Check your email for details.
Submitting this form below will send a message to your email with a link to change your password.
An email message containing instructions on how to reset your password has been sent to the email address listed on your account.
No promotional rates found.
Secure & Encrypted
Thank you.
Your gift purchase was successful! Your purchase was successful, and you are now logged in.
| Rate: | |
| Tax: | |
| Today's total: | |
| Begins: | |
| Transaction ID: |
A receipt was sent to your email.
