Overview

• 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%.