Monthly rents in Canada have continued to decline for the second consecutive year. According to the September national rent report released by Rentals.ca and Urbanation on October 7, the average asking price for residential properties across Canada was 1 TP4T2,034, down 4.21 TP3T from a year ago, marking the 24th consecutive month of year-over-year decline. Compared to the peak reached in May 2024 (1 TP4T2,202), the figure is 9.21 TP3T lower, and Ontario recorded a decline of 4.81 TP3T year-over-year.
- By type, condo monthly rents saw the largest decline (-7.81 TP3T year-over-year, average 1 TP4T2,052). In particular, studio condos dropped significantly by -9.61 TP3T.
- Purpose-built apartments had the smallest drop at -2.71 TP3T (average 1 TP4T2,036), while secondary properties such as houses and townhouses dropped by -7.41 TP3T (average 1 TP4T2,016).
- The report cited increased new supply as the primary reason for the decline. However, it analyzed that the margin of decline is narrowing in Toronto and Vancouver, as monthly rents have shown an upward trend again over the past six months.
- If you are a tenant planning to move or facing a lease renewal, now is a time when there is greater opportunity than before to compare various listings and inquire about incentives such as a free first month or included utilities.
- However, this figure is based on the 'asking price' of newly listed properties. Please do not be confused, as the Ontario guidelines (2027 cap of 1.91 TP3T) apply separately to rents for existing tenants.
Source: Rentals.ca · Urbanation National Rent Report
https://press.rentals.ca/473717-canadian-rents-have-fallen-for-two-straight-years |
