Despite decline, average rents in Canada are 18.8% higher than 3 years ago. (Evan Mitsui/CBC)
In November, the average asking rent across Canada fell to its lowest point in 15 months, reaching $2,139. This marks a 1.6 percent drop compared to the same month last year, according to a new report from Rentals.ca and Urbanation. The decline comes after rents had been rising for more than three years, and marks the second consecutive month of decrease.
Despite these drops, rents remain higher than they were two to three years ago. Currently, the average rent is 6.7 percent above where it was two years ago and 18.8 percent higher than three years ago.
The report suggests that the recent rent decreases are mostly happening in the secondary market for condos and houses, especially in British Columbia and Ontario. Meanwhile, rents for purpose-built rentals appear to be stable.
In Ontario, apartment rents dropped by 6.4 percent year-over-year, averaging $2,351, while in British Columbia, the decline was 2.3 percent, bringing the average to $2,524. Quebec saw a smaller drop of 0.4 percent, with average rents now at $1,969.
On the other hand, rent prices in most other provinces were up, with Saskatchewan seeing the largest increase. Rent there grew by 12.1 percent, reaching an average of $1,361. In Alberta, rents rose by 3.7 percent, with the average reaching $1,758.
