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Rent prices fall to 15-month low: Rentals.ca
12/10/2024 | Posted in Rental Market by Paul DeAdder | Back to Main Blog Page
The average rent price in November was $2,139, according to the latest Rentals.ca Rent Report.
Despite the dip, the report noted that average rents are still 6.7% higher compared to two years ago and nearly 19% from three years ago.
Ontario and British Columbia continue to experience provincial declines, with Toronto hitting a 28-month low and Vancouver reaching a 30-month low, the report added.
“Overall, the recent decline in rents has been very mild and is allowing affordability to improve following a rapid escalation in rents over the past few years,” said Shaun Hildebrand, President of Urbanation. “Declines so far are mainly focused within the secondary market for condos and houses, mostly in B.C. and Ontario, while purpose-built rents are stable.”
Ontario rent declines accelerate
Rent declines in Ontario picked up pace in November, falling 6.4% year-over-year to an average of $2,351. Meanwhile, B.C. saw a slower decline, down 2.3% to $2,524. Quebec’s rents were nearly flat, dropping just 0.4% to $1,969.
Elsewhere, Saskatchewan continued to lead the way with a 12.1% increase, averaging $1,361. Alberta’s rent growth slowed significantly, rising just 3.7% compared to 10.3% in September.
Rents fall in Canada’s 5 largest markets
Apartment rents have decreased in Canada’s five largest markets over the past year.
Leading the declines, Toronto saw a 9.4% drop to an average of $2,640, marking a 28-month low. Vancouver followed with an 8.9% year-over-year decrease, averaging $2,888, and posting a 30-month low.
Calgary experienced the third-largest rent decline, down 5.8% to an average of $1,959. Ottawa’s rents dropped 3.0%, bringing the average to $2,171, while Montreal saw a 2.3% decrease, with rents averaging $2,001.
Meanwhile, Edmonton, Canada’s sixth-largest market, continued to see rent growth, with a 5.7% increase in November, averaging $1,556. However, this marks a slowdown from the 8.4% annual increase recorded in October.
Source: Canadian Mortgage Trends
