Average asking rents for all property types across the country just recorded their slowest rate of growth since October 2021 – largely due to falling international student enrollments, a new report says.
Last month, rents across Canada averaged $2,193 per month, according to the latest National Rental Report from Rentals.ca and Urbanation.
The report pointed to the decline in international student enrollment as being behind the trends.
“Rents in Canada are rising at the slowest pace in nearly three years, largely as a result of foreign student enrollments falling by about half from their record highs, with the impact felt most in BC and Ontario,” said Shaun Hildebrand, president of Urbanation. .
“Meanwhile, smaller, more affordable markets continue to see strong upward pressure on rents as demand shifts to less expensive parts of the country,” Hildebrand said.
Despite the slowdown in price growth, rents are 13.4 percent higher than two years ago and 25.2 percent higher than three years ago.
Condo rents across Canada decreased by 1.7%, averaging $2,296 in September. Condos in Vancouver saw their average rent drop 13.6% to $3,232, while those in Toronto fell 7.7% to $2,745. In Calgary, condo rents fell 3.4 per cent to $2,060.
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On the other hand, purpose-built apartments saw an annual rent increase of 5.4 percent, reaching an average of $2,138, with studio units showing the strongest growth at 11.1 percent, the report said. .
Ontario and British Columbia recorded the most significant annual rent declines, with average asking rents for purpose-built apartments and condominiums falling 4.3% in Ontario to $2,380 and 3.2% in B.C. to $ 2,570.
Meanwhile, rents increased by 23.5% in Saskatchewan, making it the fastest-growing increase of any province in the country.
Apartment rents have fallen in some of Canada's biggest cities. Vancouver saw its tenth consecutive month of declining rents, down 9.5% compared to the same period last year, averaging $3,023. Toronto saw an 8.1% drop, bringing the average down to $2,668.
Calgary and Montreal have seen 2% annual rent reductions.
Among major cities, Ottawa saw a slight increase of 0.8 per cent to $2,220.
Rooms in shared housing have also become more expensive across Canada, as rents for shared accommodations have increased 6.9% annually, averaging $1,009 in September.
