Canada's Rental Market Sees First Year-over-Year Decline in Three Years

In October 2024, Canada experienced its first year-over-year decline in average asking rents in over three years. Nationwide, average rents fell by 1.2%, reaching $2,152. This decline was primarily observed in major urban centers like Toronto, Vancouver, Calgary, and Montreal, with Vancouver seeing a notable 8.4% drop. Meanwhile, Saskatchewan experienced the highest rent growth, with rents increasing by 17.1%. Despite these shifts, Edmonton saw an 8.4% rise in rental prices, indicating growth in certain regions.

The largest rent decreases were in Ontario and B.C., where rents for apartments dropped by 5.7% and 3.4%, respectively. Cities such as Toronto saw a 9.2% decline in asking rents for apartments, while Calgary experienced a 4.7% drop. On the other hand, Montreal saw rents dip by 2.9%. Ottawa’s rental market remained relatively stable with a small increase of 0.4%.

The overall national trend reflects a cooling of the rental market after a period of rapid price increases driven by factors such as population growth and worsening homeownership affordability. This shift may continue in the near future, especially with apartment completions at record highs across the country.

For further details, check the full report here.