Rents in Canada rise 2.1% in September, marking fifth straight monthly slowdown: report

A new report says growth in average asking rents across Canada last month slowed to the lowest rate since October 2021, at 2.1 per cent year-over-year.

The report from Rentals.ca and Urbanation found average asking rents sat at $2,193 for September, marking the fifth straight month that the annual rate has slowed from May’s nine per cent growth.

“Rents in Canada are increasing at their slowest pace in nearly three years, largely the result of foreign student enrolments dropping by roughly a half from their record highs, with the impact felt most in B.C. and Ontario,” said Urbanation president Shaun Hildebrand in a press release.