Rents went up just 2.1% in September, continuing monthly price slowdown

A new report says growth in average asking rents across Canada last month slowed to the lowest rate since October 2021, at 2.1 per cent year-over-year.

The report from Rentals.ca and Urbanation finds average asking rents sat at $2,193 for September, marking the fifth straight month that the annual rate has slowed from May’s nine per cent growth.

Urbanation president Shaun Hildebrand says rents in Canada are increasing at the slowest pace in nearly three years, which he attributes to foreign student enrolments dropping by roughly half from record highs.

A residential street is shown, with a person walking down the sidewalk. Trees are bare of leaves. A red sign hangs outside of the second floor of a house, attached to the balconey.
A sign shows an apartment for rent in the Montreal borough of Lasalle on April 23, 2024. (Christinne Muschi/The Canadian Press)

However, rent still remains 13.4 per cent higher than it was two years ago and 25.2 per cent higher than three years ago, according to the report. 

Largest annual rent declines in Ontario and B.C. 

Ontario and B.C. recorded the most significant annual rent declines, with the former seeing average asking rents for purpose-built and condominium apartments down 4.3 per cent to $2,380 and the west coast province recording a 3.2 per cent drop to $2,570.

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Rents surged 23.5 per cent in Saskatchewan, making it the fastest-growing province in the country in terms of asking price.    

By city, apartment rents declined in Vancouver, Toronto, Calgary, and Montreal, while Ottawa saw a slight increase. As more Canadians seek shared accommodations in search of more affordable options, the price has also gone up, with shared accommodation rents growing by 6.9 per cent annually. 

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