The average asking rent for residential properties in Canada dropped to $2,139 in November, the lowest level in 15 months, according to the National Rent Report by Rentals.ca and Urbanation.
This represents a 1.6% decline from November 2022, following a 1.2% decrease in October. Month-over-month, rents dipped 0.6%, with a 2.2% decline over the last three months.
Here are the highlights of the report:
- Declines in Major Markets:
- Toronto saw a 9.4% annual rent drop to $2,640, reaching a 28-month low.
- Vancouver rents fell 8.9% to $2,888, the lowest in 30 months.
- Calgary rents declined 5.8% year-over-year to $1,959, with Ottawa and Montreal also recording decreases of 3% and 2.3%, respectively.
- Unit-Specific Rent Trends:
- Declines were prominent in one- and two-bedroom apartments.
- One-bedroom rents fell 1.2% to $1,921, while two-bedroom units dropped 1% to $2,302.
- Studio and three-bedroom apartments saw annual increases of 5% and 5.1%, reaching $1,629 and $2,965, respectively.
- Condominium apartments recorded a 4% annual rent decline, averaging $2,239, while purpose-built apartments showed a slight annual increase of 0.7% to $2,102.
- Regional Variations:
- Ontario recorded a 6.4% year-over-year rent decline for apartments, bringing the average to $2,351 in November, following a 5.7% drop in October.
- British Columbia saw a slower decline of 2.3%, with average rents at $2,524.
- Quebec experienced a modest annual decrease of 0.4%, bringing the average to $1,969.
- Saskatchewan led annual rent growth with a 12.1% increase to $1,361.
- Alberta’s rent growth slowed to 3.7% in November compared to a 10.3% rise in September.
- Shared Accommodation Market:
-
- Shared accommodation rents averaged $997 nationally, a 3.9% annual increase.
- Growth was highest in British Columbia (4.7%) and Ontario (3.8%), with slower increases in Quebec (1.1%) and Alberta (0.2%).
- Listings for shared accommodations surged by 52% compared to last year.
Credit: National Rent Report
According to the National Rent Report, November marked the first substantial decline in national rents since the pandemic began. Despite the current declines, rents remain 6.7% higher than two years ago and have grown by an average of 3.4% annually over five years.
More Information