Some promising cost-saving rent trends are emerging that might make tenants across the country’s largest cities breathe a sigh of relief.
Rentals.ca and Urbanation published the November 2024 this week, noting that asking rent values decreased nationwide.
Big drops happened in larger cities like Toronto, Vancouver, Calgary, and Montreal.
Urbanation Inc. | Rentals.ca
Unfortunately, smaller markets are still seeing substantial rent increases.
“Rent growth in Canada has been consistently slowing since the summer, with the latest decline representing a sharp reversal from the 9.3% annual increase posted in May,” shared Rentals.ca.
“Asking rents for all residential property types in Canada averaged $2,152 during October, marking a 1.2% annual decrease. It was the first year-over-year rent decline since July 2021 during the COVID-19 pandemic.”
A condo building in Yaletown, Vancouver (David Buzzard/Shutterstock)
Of all the markets studied in the report, two-bedroom homes saw a double-percentage-digit decrease in Oakville, Ontario, (-14.4%) year-over-year.
This was followed by Toronto, Ontario, (-9.7%); Vancouver, BC, (-9.2%); and Burnaby, BC, (-8.4%). Calgary, Alberta, and Brampton, Ontario, witnessed a 7% dip.
Asking rents for two-bedroom homes in Gatineau, Quebec, (+18%); Halifax, Nova Scotia, (+11%); and Saskatoon, Saskatchewan, (+12.8%) rose the most.
Even with rent decreases, Vancouver, Burnaby, and Toronto remain the top three most expensive cities for tenants.
The asking rents are several hundred dollars higher than the national averages illustrated below.
The national average asking rents (Urbanation Inc. | Rentals.ca)
“Average asking rents fell 1.9% month-over-month in October, bringing rents down 2.2% over the last three months, equal to an average rent reduction of $49 per month since July,” noted experts.
Condo rent trends
Urbanation Inc. | Rentals.ca
Some of the most prominent rent declines happened to condo studios (-6.9% to $1,874).
One-bedroom condo rents dipped by 3.3% to $2,057, and two-bedrooms by 4% to $2,386.
However, three-bedroom condos saw an increase of 2.8% annually to an average of $2,889.
Among major markets, Edmonton, where a whopping 8.4% spike was observed, seems to offer the most rigid conditions for those hoping to rent a condo.
Read the full report here.