Canadian rental and housing markets show varied price declines

A new report from Rentals.ca and Urbanation indicates that average asking rents across Canada fell 3.2 per cent year-over-year in October to $2,036. This marks the 25th consecutive month of year-over-year declines. While prices are falling in Calgary, Edmonton, and much of Ontario, Urbanation president Shaun Hildebrand noted that the window for cheaper rents may be closing in Toronto and Vancouver as prices begin to rise due to declining supply.

In British Columbia, apartment and condo rents have dropped more than 10 per cent over the last three years, the steepest decline of any province. Despite this, B.C. remains the most expensive province for similar unit types. Specific declines were noted in Kamloops, Langley, and Coquitlam, though Nanaimo saw an increase in one-bedroom rents.

In Calgary, the real estate market is experiencing significant downward pressure on apartment condominiums, which saw prices decline by nearly eight per cent year-over-year. The Calgary Real Estate Board attributed this to oversupply and a lack of demand, noting that inventory for these units is 13 per cent higher than typical October levels.