average rent in canada down 4 per cent compared to last july
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the average asking rent in canada declined 4% year-over-year in july to $2,037, marking the 22nd consecutive month of annual rent decreases.
however, the pace of decline continued to ease, and rents rose month-over-month for a fourth straight month, marking the smallest annual decline since february, according to the latest national rent report from rentals.ca and urbanation.
in toronto, annual rents were down just 0.6%, the smallest decline among the six largest markets, alongside signs of a potential turnaround with listings down roughly 6% year-over-year, pointing to a tightening supply picture.
rents overall were up 0.2% month-over-month in july, a fourth consecutive monthly increase since asking rents hit a 35-month low earlier this year.
over the past two years, rents have declined 7.5%, falling to their lowest july level since 2022.
rents rose month-over-month in three of canada’s six largest markets in july, led by toronto (+1.6% to $2,577), followed by calgary (+0.5%) and edmonton (+0.1%), while vancouver (-1.4%) and montreal (-0.4%) saw rents move lower while ottawa was roughly flat (-0.2%).
calgary and vancouver (-4.5%) recorded the largest annual declines among the six largest markets, followed by edmonton (-3.6%), ottawa (-2.4%), and montreal (-1.6%).
toronto market a ‘potential leading indicator’
“canada’s rental market is showing signs of stabilizing, but not yet recovering,” said shaun hildebrand, president at urbanation, in a statement.
“while rents have risen for four straight months, this is typical seasonal momentum heading into the back-to-school period, with annual declines persisting across most of the country. toronto remains the standout, with supply tightening and rents approaching positive annual territory, making it a market worth watching as a potential leading indicator.”
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purpose-built rentals remained the most resilient segment of the market, with asking rents declining 2.6% annually to an average of $2,041, while three-bedroom purpose-built rents were flat year-over-year.
condo rents fell 6.3% year-over-year to $2,063, led by a 9.6% annual decline in studio condo rents, while houses and townhomes saw the steepest annual decline among property types, down 7.5% to $2,007.
nationwide, the average asking rent for purpose-built and condominium apartments was $2,043 in july, up 0.3% from june.
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at the provincial level, ontario recorded the largest monthly rent increase in the country, up 0.6% for all property types (0.8% for purpose-built and condo apartments).
annual apartment and condo rent declines remained concentrated in canada’s largest provinces, led by alberta (-4.3%), british columbia (-4.1%) and ontario (-3.7%), while nova scotia (+4.5%) and manitoba (+1.5%) posted annual increases.
nova scotia ($2,377) remained the most expensive province in the country for apartment and condo rents, edging out british columbia ($2,357) for a third consecutive month.
outside the six largest markets, gains were seen in welland (+6.9%) and north york (+5.1%) while double-digit declines were concentrated in markets adjacent to quebec and ontario’s largest centres including markham (-11.9%).
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