The average national asking rent was $2,193
A new report reveals that rent increases across Canada have slowed to their lowest rate since October 2021, growing just 2.1% year over year in September. According to data from Rentals.ca and Urbanation, the average asking rent last month was $2,193, marking five straight months of slowing growth.
Shaun Hildebrand, Urbanation's president, says the slowdown is due to a decline in foreign student enrolment, which dropped about half from record highs. Despite the slower pace, rents remain 13.4% higher than two years ago and 25.2% higher than three years ago.
Ontario, BC register noteworthy declines
Ontario and British Columbia saw the biggest rent drops. Ontario's average asking rent for purpose-built and condo apartments fell by 4.3% to $2,380. Meanwhile, B.C. experienced a 3.2% decline to $2,570.
Saskatchewan led the country in rent growth, with a 23.5% increase, making it the fastest-growing province for rental prices.
Shared accommodations rising
Apartment rents in Vancouver, Toronto, Calgary, and Montreal saw declines, while Ottawa slightly increased. As more Canadians opt for shared housing to cut costs, rents for shared accommodations rose by 6.9% year-over-year.
Despite the slower rent growth, affordability remains a concern, with experts pointing to landlords driving up housing costs by treating properties as investments. Canada has lost over half a million affordable rental units in the last decade, fueling the ongoing housing crisis.
