While many homebuyers seemed content with October’s slightly lower mortgage rates, renters were the real winners. Rent prices are dropping and more units become available daily, driven by a slowdown in non-permanent resident arrivals, as well as years of apartment construction starting to show results.
- The average national asking rent fell by 2% from September to $2,152 in October, according to Rentals.ca. This represents a 1.2% year-over-year decline – the first since July 2021.
- Rent growth across Canada has been slowing steadily since the summer, primarily in major Ontario and B.C. cities. Contributing factors include fewer non-permanent residents and international students not renewing their visas.
- Despite the recent declines, Toronto remains largely unaffordable, which drives many renters away – a one-bedroom rental averages $2,380. Smaller, more affordable markets nationwide still saw strong rent increases in October.
- Meanwhile, the Canadian Real Estate Association (CREA) reports an average national home price of $696,166 in October 2024 – up 4% month over month and 6% year over year.
- CREA also reports a 7.7% increase in month-over-month home sales in October.
- Ontario continues to have among the highest average home prices in the country (second only to British Columbia) at $878,620 – 3.2% higher than last month’s average.
- Despite higher prices, Ontario's well balanced sales-to-new-listings ratio of 48% in October sets it apart as the only province that isn’t currently a seller's market.
- Quebec and Newfoundland currently have finely balanced markets too, while the remaining provinces are experiencing seller’s market conditions.
- The Canada Mortgage and Housing Corporation (CMHC) reports the six-month trend in housing starts was flat in October at 243,522 units.
More rental market headlines
Tenants question if Ontario's Landlord and Tenant Board timelines are improving – CBC
Ontario debates sharing tenant arrears data with credit agencies – Canadian Mortgage Professional
Canadians are saving big – could it affect rent payments? – PayProp blog
