Rents in Canada have not been this low in two years, a new report by Rentals.ca and Urbanation shows, marking a fresh milestone for Canada’s rental market .

Average asking rents for all residential properties in September in Canada declined by 3.2 per cent compared to September last year, dropping to $2,123 a month and marking the 12th consecutive month of rents declining in Canada.

Compared to September 2023, rents were down 1.2 per cent, marking the first two-year decline since January 2022.

“Renters in many parts of Canada are experiencing the best levels of affordability in two years, with the most expensive markets in Vancouver and Toronto seeing rents at their lowest in nearly four years,” said Shaun Hildebrand, president of Urbanation.

“This is the result of new rental supply

See Full Page