Rent prices across Canada have declined for the first time in more than three years.
Average asking rents fell nationally on a year-over-year basis to $2,152 in October, down 1.2% from the same month in 2023. It was the first national decrease since July 2021.
The decline was concentrated in Canada’s urban centres, with cities such as Toronto, Vancouver and Montreal seeing rent decreases.
B.C. and Ontario recorded the biggest annual rent decreases among the provinces, with declines of 3.4% and 5.7% respectively.
Those decreases were partially offset by Saskatchewan, where rents rose 17.1% following annual growth of 23.5% in September.
Among cities, Toronto recorded the largest annual decline in asking rents for apartments in October at 9.2%. The average rent in Toronto is now $2,642 a month.
Vancouver saw an 8.4% year-over-year rent decline to an average of $2,945, while Montreal average rents were down 2.9% at $1,987.
Based on the report, the average asking rent for a one-bedroom unit in Canada is now at $1,923, down 0.8% from a year ago.
Condominium apartment rents, which averaged $2,265, were down 3.8% in October.