Canadian Rents Decline To 15-Month Low In November

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After rents declined for the first time since 2021 in October, prices slipped even further in November, reaching a 15-month low.

By the end of the month, average asking rents for all unit types had hit $2,139, down 1.6% from last November and 0.6% from the previous month when rents had dropped 1.9%, according to the latest National Rent Report from Rentals.ca and Urbanation.

The year-over-year decline, the report points out, can largely be attributed to the falling of asking rents over the second half of 2024, with rents down 2.8% since July. This declining trend is encouraging for renters who have faced massive rent hikes in recent years, though rents still remain 6.7% higher than two years ago and 18.8% higher compared to three years ago.

After rents declined for the first time since 2021 in October, prices slipped even further in November, reaching a 15-month low.

By the end of the month, average asking rents for all unit types had hit $2,139, down 1.6% from last November and 0.6% from the previous month when rents had dropped 1.9%, according to the latest National Rent Report from Rentals.ca and Urbanation.

The year-over-year decline, the report points out, can largely be attributed to the falling of asking rents over the second half of 2024, with rents down 2.8% since July. This declining trend is encouraging for renters who have faced massive rent hikes in recent years, though rents still remain 6.7% higher than two years ago and 18.8% higher compared to three years ago.

“Overall, the recent decline in rents has been very mild and is allowing affordability to improve following a rapid escalation in rents over the past few years," says Urbanation President Shaun Hildebrand. "Declines so far are mainly focused within the secondary market for condos and houses, mostly in BC and Ontario, while purpose-built rents are stable."

Purpose-built and condominium apartments saw average rents drop 0.2% annually in November to $2,120. On the unit level, one- and two-bedroom apartments experienced the most significant declines, with rents for one-bedrooms falling 1.2% from a year ago to an average of $1,921 and two-bedrooms falling 1% year over year to $2,302. But for studios and three-bedroom apartments, rents continued to climb, ticking up 5% to $1,629 and 5.1% to $2,965, respectively.