Rent costs are on the way down across Canada, according to a new report.
The latest National Rent Report from Rentals.ca and Urbanation revealed the average rent nationwide has declined 3.2 per cent in the last 12 months.
The report said the average rent in Canada as of September is $2,123 per month.
At the provincial level, B.C. and Alberta recorded the biggest drop in apartment rent. Both provinces were down 5.5 per cent annually.
Ontario saw a decline of 2.7 per cent, and Nova Scotia recorded a 2.2 per cent drop.
Only Manitoba saw an increase, with rent increasing 2.6 per cent over last year.
Rents also decreased across all property types compared to a year ago.
Purpose-built rentals saw a 2.1 per cent decrease, while condo rents dropped three per cent. Houses and townhomes declined 5.5 per cent.
“Renters in many parts of Canada are experiencing the best levels of affordability in two years,” said Urbanation president Shaun Hildebrand. “This is the result of new rental supply outstripping demand.”
Hildebrand said the decline is unlikely to last long as supply from secondary market sources like condos tightens and demand drivers such as population growth and employment stabilize.
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