Average asking rents across Canada dropped to $2,139 in November, marking a 15-month low, according to the latest National Rent Report from Rentals.ca and Urbanation. This represents a 1.6% decrease compared to November 2023, continuing the downward trend seen in October when rents fell 1.9% month-over-month. Over the past five months, rents have decreased by 2.8% since July.
However, despite the national drop, Saskatchewan experienced a notable rise in rental prices. The province saw an increase of 12.1% in average asking rents compared to last year, significantly outpacing the national average. This surge marks a stark contrast to the declines observed in many other regions across Canada.
While rents remain high compared to historical levels, they are up 6.7% from two years ago and 18.8% from three years ago. Over the past five years, rents have grown at an average annual rate of 3.4%, maintaining long-term upward trends.
“Overall, the national decline in rents has been relatively mild, offering some relief for renters after a period of rapid price escalation. The recent declines have largely been concentrated in the secondary market for condos and houses, particularly in British Columbia and Ontario, while purpose-built rents have remained stable,” said Shaun Hildebrand, President of Urbanation.
In Saskatchewan, however, the market has remained tight, with rising rents pushing the cost of living higher for tenants. While average asking rents for purpose-built and condominium apartments nationwide decreased by 0.2% to $2,120 in November, rents in Saskatchewan bucked the trend. One-bedroom rents across Canada fell by 1.2% year-over-year to $1,921, while two-bedroom rents dropped by 1.0% to $2,302. But Saskatchewan saw sharp increases, driven by high demand in both urban and suburban areas.
In other provinces, Ontario saw the largest rent declines, with apartment rents dropping 6.4% annually to $2,351, led by a 7.6% decrease in two-bedroom rents. British Columbia saw more moderate declines, with apartment rents falling 2.3% year-over-year to $2,524, while Quebec rents edged down by 0.4% to $1,969.
While the national average rent dropped, there were significant regional differences. In addition to Saskatchewan's 12.1% rise, Alberta saw rents increase by 3.7%, and Manitoba by 7.9%. In the Maritimes, New Brunswick’s average asking rent rose by 5.1%, and Nova Scotia rents increased by 4.4%. Newfoundland and Labrador saw little change, with rents dipping by just 0.4%.
Canada’s largest rental markets reported significant rent decreases in November. Toronto rents fell 9.4% year-over-year to $2,640, a 28-month low. Vancouver rents dropped 8.9% to $2,888, marking a 30-month low. Calgary, Ottawa, and Montreal also recorded declines, with rents down 5.8%, 3.0%, and 2.3%, respectively.
In addition, listings for shared accommodations saw a sharp rise, increasing by 52% year-over-year in November. The national average asking rent for shared units rose by 3.9% to $997, with the biggest increases coming from British Columbia (+4.7%) and Ontario (+3.8%).
As Saskatchewan continues to see an upward trajectory in rental prices, the situation in the province is becoming increasingly difficult for renters.