A new report says growth in average asking rents across Canada last month slowed to the lowest rate since October 2021, at 2.1% year-over-year.<\/p>\n
The report from Rentals.ca and Urbanation found average asking rents sat at $2,193 for September, marking the fifth straight month that the annual rate has slowed from May’s 9% growth.<\/p>\n
\u201cRents in Canada are increasing at their slowest pace in nearly three years, largely the result of foreign student enrolments dropping by roughly a half from their record highs, with the impact felt most in B.C. and Ontario,\u201d said Urbanation president Shaun Hildebrand in a press release.<\/p>\n
\u201cMeanwhile, smaller, more affordable markets continue to see strong upward pressure on rents as demand shifts to less expensive parts of the country.\u201d<\/p>\n
Ontario and B.C. recorded the most significant annual rent declines. Average asking rents for purpose-built and condominium apartments were down 4.3% to $2,380 in Canada’s largest province, while the west coast province recorded a 3.2% drop to $2,570.<\/p>\n
Rents surged 23.5% to an average of $1,378 in Saskatchewan, making it the fastest-growing province in the country in terms of asking price.<\/p>\n
By city, apartment rents declined in Vancouver, Toronto, Calgary, and Montreal, while Ottawa saw a slight increase.<\/p>\n
Vancouver’s 9.5% drop brought average rents down to $3,023 in September, marking the 10th consecutive month of year-over-year decreases.<\/p>\n
In Toronto, Canada’s second most expensive market for renters, average rents declined 8.1% to $2,668.<\/p>\n
The report highlighted Lloydminster as one of Canada’s most affordable markets with average apartment rents of $1,178 \u2014 a figure up 27.5% from last year. Other affordable markets experiencing significant growth included Saskatoon, where average prices rose 24.8% to $1,428, and Quebec City, where rents jumped 24% to $1,758.<\/p>\n
Based on the report, the average asking rent for a one-bedroom unit in Canada was $1,916 in September, up 2.1% from a year ago. The average asking price for a two-bedroom unit was $2,279, up 2.6%.<\/p>\n
Overall, asking rents for purpose-built rental apartments in September rose 5.4% compared with a year earlier to reach an average of $2,138.<\/p>\n
Meanwhile, condominium apartment rents, which averaged $2,296, were down 1.7%.<\/p>\n","protected":false},"excerpt":{"rendered":"
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