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The latest monthly report from Rentals.ca and Urbanation says asking rents for purpose-built apartments ticked 0.7% lower to an average of $2,085, while asking rents for condominium apartments fell 4.3% year-over-year to $2,167.
Despite rent prices having come down for more than a year, average asks are still 6.2% higher than three years ago and 14% above pre-pandemic levels in October 2019.
Urbanation president Shaun Hildebrand says that in the near-term, the rental market “will continue to face headwinds from slowing population growth, elevated unemployment and rising apartment completions.”
B.C. and Alberta saw the largest declines in October, with asking rents falling 5.8% and 5.3% year-over-year to an average of $2,401 and $1,691, respectively.
Apartment rents fell in all of Canada’s six largest cities, led by Vancouver with a 7.4% decrease to $2,728 and Calgary with a 7.2% drop to $1,851.
Source: Canadian Mortgage Trends
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