Canadian rents fall again, but Kingston defies the trend with the country’s fastest-rising rates
Rents across Canada have dropped for a full year, but Kingston, Ontario, is bucking the trend with the fastest-rising apartment rents in the country.
The latest data from Rentals.ca and Urbanation show the average asking rent for all residential properties nationwide fell 3.2 per cent in September compared to a year earlier, landing at $2,123.
This marks the twelfth consecutive month of annual declines and the first two-year national decrease since January 2022.
Purpose-built apartments averaged $2,093, down 2.1 per cent year-over-year, while condominium apartments averaged $2,226, a three per cent drop. Houses and townhomes saw a 5.5 per cent decline to $2,178.
Shaun Hildebrand, president of Urbanation, attributes the improved affordability to “new rental supply outstripping demand,” but notes that this trend may not last as supply from secondary sources like condos tightens and demand stabilizes with population and employment growth.
Provincial data reveal that British Columbia and Alberta posted the largest annual declines in September, with asking rents falling 5.5 per cent to $2,430 and $1,734, respectively.
Ontario saw a 2.7 per cent decrease to $2,316, Nova Scotia a 2.2 per cent drop to $2,293, Quebec a 0.5 per cent decline to $1,957, and Saskatchewan a 0.3 per cent decrease to $1,374.
Manitoba was the exception, with average rents rising 2.6 per cent to $1,680.
Across Canada’s six largest cities, apartment rents fell in every market.
Vancouver’s average asking rent for all property types dropped 8.2 per cent to $2,776, while Toronto’s fell 2.9 per cent to $2,592.
Calgary saw a 7.4 per cent decrease to $1,897, Edmonton dropped 2.3 per cent to $1,573, Ottawa declined 1.3 per cent to $2,190, and Montreal ticked 0.5 per cent lower to $1,981.
In Gatineau, the average asking rent in September was $1,942, with one-bedroom units at $1,701 and two-bedrooms at $2,108. Mississauga posted an average asking rent of $2,406.
Kingston stands out as a notable outlier.
The city’s average rent for all property types climbed to $2,390 in September, up from $2,318 in August, making it the fourth-highest in Canada.
One-bedroom apartments averaged $2,122, up from $2,020, and two-bedrooms reached $2,593, up from $2,508.
For the second consecutive month, Kingston recorded the fastest annual growth in apartment rents at 19.9 per cent.
Meanwhile, Ottawa’s average rent for a one-bedroom apartment was $1,977 in September, down slightly from August, and two-bedrooms averaged $2,533, also slightly lower.
