Condo rental prices have fallen over 10% across Canada: report

Condo rental prices fell over 10% across Canada in July, despite the country counting its first increase in national rental costs since the pandemic began.

The results are part of Rentals.ca’s and Bullpen Research & Consulting’s National Rent Report. Overall, they found that the average monthly rent for all Canadian properties listed on Rentals.ca in July was $1,771. This is up $1 over June, but still down 8.1% year over year.

“The $1 increase represents the first time the average rent increased on a monthly basis since September 2019,” a press release from the companies said, “even though average asking rents nationally are still down 9.4% from that market peak of $1,954 that month.”

Both the cost of a single-family home and condominium rentals have declined steadily each month since the pandemic began. According to the report, single-family home rents were down 14.9% year over year in July, and condo rentals were down 11.4% year over year for the month.

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