Average asking rents in Canada fell 3.2 per cent in September from a year earlier to $2,123, marking the 12th straight month of annual declines.
The latest monthly report from Rentals.ca and Urbanation said asking rents for purpose-built apartments were down 2.1 per cent from a year ago to an average of $2,093, while asking rents for condominium apartments fell three per cent to $2,226.
Average rent for a one bedroom unit in Barrie fell 6.8 per cent, year-over-year, to $1,979; rent for a two-bedroom fell 6.3 per cent to $2,222
Rents for houses and townhomes declined 5.5 per cent to $2,178.
Urbanation president Shaun Hildebrand said renters in many regions are seeing the best levels of affordability in two years, with those in the most expensive markets of Vancouver and Toronto seeing rents at their lowest levels in nearly four years.
“This is the result of new rental supply outstripping demand, which is unlikely to persist for long as supply from secondary market sources such as condos tightens and demand drivers such as population growth and employment stabilize," Hildebrand said in a press release.
The report said average asking rents in Canada were down 1.2 per cent from two years ago, marking the first two-year decline since January 2022.
B.C. and Alberta saw the largest declines in September with asking rents falling 5.5 per cent year-over-year to an average of $2,430 and $1,734, respectively.
Ontario recorded a 2.7 per cent drop to $2,316, followed by decreases of 2.2 per cent in Nova Scotia to $2,293, 0.5 per cent in Quebec to $1,957 and 0.3 per cent in Saskatchewan to $1,374.
Manitoba was the lone province where average rents grew last month, rising 2.6 per cent from September 2024 to $1,680.
Apartment rents fell in all of Canada's six largest cities, led by Vancouver with an 8.2 per cent decrease to $2,776 and Calgary with a 7.4 per cent drop to $1,897.
Average asking rents fell 2.9 per cent in Toronto from a year ago to $2,592, and 2.3 per cent in Edmonton to $1,573.
Meanwhile, rents in Ottawa were down 1.3 per cent to $2,190 and Montreal ticked 0.5 per cent lower to $1,981.
