Canadian Rent Prices Drop to 15-Month Low, But Remain Significantly Higher Than Pre-Pandemic Levels

National rents fell 1.6% year-over-year in November, driven by declines in Ontario and British Columbia, while other provinces saw increases.

The average asking rent in Canada fell to $2,139 in November, marking a 15-month low and a 1.6% year-over-year decline.
Despite recent decreases, rents remain 6.7% higher than two years ago and 18.8% higher than three years ago, reflecting longer-term increases.
The decline is primarily concentrated in the secondary rental market for condos and houses in Ontario and British Columbia, while purpose-built rental prices remain stable.
Ontario experienced the largest year-over-year drop in apartment rents at 6.4%, with British Columbia seeing a 2.3% decrease and Quebec a marginal 0.4% dip.
Conversely, provinces like Saskatchewan and Alberta saw rent increases, with Saskatchewan leading at 12.1% growth and Alberta reporting a 3.7% rise.