Cooling Rents Offer Relief and New Opportunities for Renters

Canada's residential rents fell 3.2% year-over-year to $2,123, marking 12 months of declines and the first two-year drop since 2022. Rent decreases occurred across all property types, with condos and houses/townhomes dropping more sharply than purpose-built rentals. Vancouver and Toronto saw the largest declines, with rents at their lowest in nearly four years. Manitoba was the only province with rent growth, while shared accommodation rents also declined significantly.