Canada Rent Prices Fall for 9th Month—But Affordability Remains a Challenge
If you’re looking to rent in Canada, there’s a bit of good news—rent prices are slowly falling. According to the latest National Rent Report by Rentals.ca, June marked the ninth straight month of declining rental prices nationwide. But don’t get too excited just yet—rents still remain well above pre-2023 levels, keeping affordability out of reach for many.
Nationwide Rent Down 2.7% Year-Over-Year
The average asking rent across all property types dropped by 2.7% in June 2024 compared to the same month last year, settling at $2,125 per month.
However, compared to June 2022, rents are still 11.9% higher, and 4.1% higher than in June 2023. That long-term increase continues to weigh heavily on renters, especially in urban hubs like Toronto and Vancouver.
What’s Driving the Long-Term Increase?
While recent months have brought modest relief, the overall rent surge is being driven by purpose-built rentals, which are down just 1.1% from last June but up 9.8% compared to three years ago.
Condo rentals saw a 4.9% decrease year-over-year, while houses and townhomes dropped 6.6%. Over the past three years, condo rents are up just 1.6%, and house rents are down slightly—0.2%.
Breaking It Down by Unit Type
Across all property types:
One-bedroom and two-bedroom units: Down 3.5% year-over-year
Studios and three-bedrooms: Down only 0.4%
Studio rents are still 12.2% higher than two years ago
And a whopping 19.3% higher than in 2021
Even with recent declines, renting a studio today is significantly more expensive than it was just a few years ago.
Regional Trends: Alberta and B.C. See the Biggest Drops
Rent declines were felt across most provinces, but some regions stood out:
Alberta: Largest drop at 6%, bringing average rent to $1,844
British Columbia: Down 3.2% to $2,150
Ontario: Fell 2.5% to $2,358
Manitoba: Down 1.2% to $1,600
Quebec: Now averages $1,972, a decline from last year
A few exceptions include:
Saskatchewan: Rents rose 2.3% to $1,446
Atlantic Canada: Barely increased 0.2% to $2,155
Halifax: The only major city to see a noticeable increase (1.5% to $2,267)
Regina: No change, holding steady at $1,472
City Snapshot: Calgary Leads in Price Drops
Among Canada’s largest cities, three led the rent cooldown:
Calgary: Biggest plunge at 9.8%, now averaging $1,977
Vancouver: Fell 6.5%, yet still the most expensive at $2,843
Toronto: Down 5.1%, but remains the second most expensive at $2,592
Montreal also saw a 2.5% drop to $1,971, while Winnipeg and Edmonton declined by 1.9% and 1.2%, respectively.
What It All Means for Renters
Despite nine months of consistent declines, rental affordability in Canada remains a complex issue. While some cities and property types offer temporary relief, most renters are still paying more than they were two or three years ago.
Stay tuned to Maple News Wire for the latest on Canada’s housing trends, rental insights, and real estate developments.
