Rents continue to fall in Canada, with August marking the 11th consecutive month of rent declines in the country, a new report by Rentals.ca showed on Monday.
Compared to August last year, average asking rents in Canada were down 2.3 per cent last month to $2,137 a month, according to the latest National Rent Report from Rentals.ca and Urbanation.
However, despite the lowering rents, the asking rent remained well above the August 2020 national average rent of $1,718. Compared to August 2023, rents were up one per cent.
Alberta led provinces in annual rent declines for apartments, down 3.5 per cent compared to August last year, followed by B.C. (down 2.7 per cent), Ontario (down 2.5 per cent), Nova Scotia (down 2.2 per cent), and Quebec (down 0.2 per cent).
While rents have been declining, recent data shows that high rental costs are still at the heart of Canada’s affordability crisis. According to a recent report by the Centre for Policy Alternatives, a Vancouver resident would have to earn $78,699 a year to be able to afford a one-bedroom apartment on rent.
In Toronto, that figure would be $78,333 a year.
Vancouver saw rents decline nearly 10 per cent compared to August 2024, but it was still the country’s most expensive rental market with average rents costing $2,820 a month.
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Calgary saw rents fall by around seven per cent to $1,911. Toronto, the second most expensive rental market in the country after Vancouver, saw average asking rents fall by three per cent to $2,606.
While rents fell overall fell, some major Canadian cities saw rents spike. Saskatoon saw rents increase seven per cent to $1,443.
Regina, Edmonton and Winnipeg all saw one per cent increases to $1,432, $1,585 and $1,618.
However, over a longer timeline, Edmonton’s rent growth is more significant. Compared to two years ago, Edmonton saw rents go up around 10 per cent and compared to three years ago, rents were up more than 25 per cent, the report showed.
Outside of Edmonton, however, Alberta had some of the most affordable rental markets in Lloydminster ($1,179), Medicine Hat ($1,287), and Fort McMurray ($1,364).
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