Canadian Rent Prices See First Annual Decline Since 2021

National rent prices fell by 1.2% in October, driven by decreases in major urban centers, while smaller markets experienced growth.

Average rent across Canada decreased to $2,152 in October, marking a 1.2% drop from the previous year.
Major cities like Toronto, Vancouver, Calgary, and Montreal experienced significant rent declines, particularly in Ontario and British Columbia.
Despite the national decline, provinces like Saskatchewan saw annual rent increases, with a notable 17.1% rise.
Increased housing supply and a slowdown in international student growth are contributing to the easing of rent prices in large urban areas.
Condo and house rentals primarily drove the decline, with average rents for condos dropping by 3.8% and houses by 5.3%.