Canadian rents hit three-year September low after 24 months of declines

Average asking rents in Canada have fallen for the 24th consecutive month, marking two full years of declines in one of the country’s longest recent rental market downturns.

The average asking rent for residential properties fell to $2,034 in September, down 4.2 percent from the same month last year, according to a report from Rentals.ca and Urbanation cited by Global News.

That was the lowest average asking rent recorded for September since 2022. Rents are now 9.2 percent below their record high of $2,202 reached in May 2024.

“Two straight years of falling rents is the longest downturn the Canadian rental market has seen in recent history,” Urbanation president Shaun Hildebrand said.

Hildebrand said an oversupply of rental properties in major markets including Toronto and Vancouver has been a key factor behind the decline.

Condo rents recorded the biggest annual drop, falling 7.8 percent to an average of $2,052. Studio condo rents declined 9.6 percent.

Rents for secondary units, including houses and townhomes, dropped 7.4 percent to $2,016.

Purpose-built rental properties recorded a smaller decline, falling 2.7 percent to an average of $2,036.

However, Hildebrand said rents in Toronto and Vancouver have been trending higher over the past six months as more renters return to the market.