Here is rental market news to help those planning to move or renew their leases. According to the latest National Rent Report released by Rentals.ca and Urbanation, the average asking rent for residential properties across Canada in September was 1 TP4T2,034, down 4.21 TP3T from the same month last year. This marks the 24th consecutive month of annual decline; as of September, it is the lowest level since 2022 and 9.21 TP3T lower than the peak reached in May 2024 (1 TP4T2,202).
- Toronto: The average bid price is 1 TP 4 T 2,554, -1.41 TP 3 T from the previous year — marking 32 consecutive months of annual decline and the lowest level since September 2021.
- By type: Condo rents fell the most (down 7.81 TP3T year-over-year, average 1 TP4T2,052). Studio condos saw a larger drop at -9.61 TP3T, while privately owned (rental-only) apartments fell relatively less at -2.71 TP3T (average 1 TP4T2,036).
- GTA nearby: Scarborough and Oakville were included among the cities with the largest annual declines, with -10.91 TP3T and -10.81 TP3T.
- Points to note: This figure is based on the 'asking price' of newly listed properties, so it may differ from the actual rent paid by existing tenants. Additionally, Urbanation analyzed that as new supply in Toronto and Vancouver has passed its peak, rents in both cities have shown a rising trend again over the past six months.
If you are looking for a new home or considering moving, it is a good idea to compare the asking prices of recent properties in the same area and type to see if there is room for negotiation.
Source: Rentals.ca (National Rent Report) https://press.rentals.ca/473717-canadian-rents-have-fallen-for-two-straight-years |
