(Toronto) A new report shows that growth in average asking prices for rent in Canada last month slowed to the lowest rate since October 2021, at 2.1% year over year.
The report from Rentals.ca and Urbanation shows average asking rents stood at $2,193 in September, marking the fifth consecutive month where the annual rate slowed from May’s 9% growth.
Urbanation President Shaun Hildebrand says rents in Canada are rising at the slowest pace in nearly three years, which he attributes to international student enrollment falling about half from peaks previously achieved.
The provinces of Ontario and British Columbia recorded the largest annual rent declines, with the former seeing average asking rents for purpose-built and condominium apartments fall by 4.3% to $2380 and the second having recorded a drop of 3.2% to $2570.
Rents jumped 23.5% in Saskatchewan, making it the fastest growing province in the country in terms of asking prices.
At the city level, apartment rents decreased in Vancouver, Toronto, Calgary and Montreal, while Ottawa saw a slight increase.