A report by Rentals.ca and Urbanation indicated that the average rent demanded in Canada has decreased for the first time in more than three years in October 2024, reaching $2152, a decline of 1.2% compared to the same month last year. This is the first national decrease since July 2021.

The decline was noticeable in major cities like Toronto, Vancouver, Calgary, and Montreal, where rents have dropped significantly. On the other hand, Saskatchewan saw an increase of 17.1% in rents, making it one of the fastest-growing areas in this sector.

At the city level, Toronto recorded the largest rent decrease of 9.2% to $2642, followed by Vancouver, which fell by 8.4% to $2945, and then Calgary with a decrease of 4.7% to $1995. In contrast, Edmonton experienced an increase in rents of 8.4%.

This decline is attributed to a reduction in the factors that had been driving rental prices up in previous years, such as rapid economic growth, a rising population, and the difficulty of affording homeownership costs. Experts expect this trend to continue in the near future.