Imaan Sheikh is the Managing Editor at Daily Hive. You can reach her at imaan@dailyhive.com

<p>Some promising cost-saving rent trends are emerging that might make tenants across the country&#8217;s largest cities breathe a sigh of relief.</p>
<p>Rentals.ca and Urbanation published the November 2024 Rent Report this week, noting that asking rent values decreased nationwide.</p>
<p>Big drops happened in larger cities like Toronto, Vancouver, Calgary, and Montreal.</p>
<div id="attachment_2064949" style="width: 1152px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-2064949" class="wp-image-2064949 size-full" src="https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/dce141c2-0710-4a87-86d9-228870bf436d.png" alt="rent" width="1142" height="1312" srcset="https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/dce141c2-0710-4a87-86d9-228870bf436d.png 1142w, https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/dce141c2-0710-4a87-86d9-228870bf436d-435x500.png 435w, https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/dce141c2-0710-4a87-86d9-228870bf436d-891x1024.png 891w" sizes="(max-width: 1142px) 100vw, 1142px" /><p id="caption-attachment-2064949" class="wp-caption-text">Urbanation Inc. | Rentals.ca</p></div>
<p>Unfortunately, smaller markets are still seeing substantial rent increases.</p>
<p>&#8220;Rent growth in Canada has been consistently slowing since the summer, with the latest decline representing a sharp reversal from the 9.3% annual increase posted in May,&#8221; shared Rentals.ca.</p>
<p>&#8220;Asking rents for all residential property types in Canada averaged $2,152 during October, marking a 1.2% annual decrease. It was the first year-over-year rent decline since July 2021 during the COVID-19 pandemic.&#8221;</p>
<div id="attachment_2064918" style="width: 1930px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-2064918" class="wp-image-2064918 size-full" src="https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/shutterstock_1981159535.jpg" alt="rent" width="1920" height="1278" srcset="https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/shutterstock_1981159535.jpg 1920w, https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/shutterstock_1981159535-500x333.jpg 500w, https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/shutterstock_1981159535-1024x682.jpg 1024w, https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/shutterstock_1981159535-1536x1022.jpg 1536w, https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/shutterstock_1981159535-1200x799.jpg 1200w" sizes="(max-width: 1920px) 100vw, 1920px" /><p id="caption-attachment-2064918" class="wp-caption-text">A condo building in Yaletown, Vancouver (David Buzzard/Shutterstock)</p></div>
<p>Of all the markets studied in the report, two-bedroom homes saw a double-percentage-digit decrease in Oakville, Ontario, (-14.4%) year-over-year.</p>
<p>This was followed by Toronto, Ontario, (-9.7%); Vancouver, BC, (-9.2%); and Burnaby, BC, (-8.4%). Calgary, Alberta, and Brampton, Ontario, witnessed a 7% dip.</p>
<p>Asking rents for two-bedroom homes in Gatineau, Quebec, (+18%); Halifax, Nova Scotia, (+11%); and Saskatoon, Saskatchewan, (+12.8%) rose the most.</p>
<p>Even with rent decreases, Vancouver, Burnaby, and Toronto remain the top three most expensive cities for tenants.</p>
<p>The asking rents are several hundred dollars higher than the national averages illustrated below.</p>
<div id="attachment_2064937" style="width: 2078px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-2064937" class="wp-image-2064937 size-full" src="https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/373409b7-50e5-4637-81d9-c0cc94f38d0a-e1731100881368.png" alt="" width="2068" height="606" srcset="https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/373409b7-50e5-4637-81d9-c0cc94f38d0a-e1731100881368.png 2068w, https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/373409b7-50e5-4637-81d9-c0cc94f38d0a-e1731100881368-500x147.png 500w, https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/373409b7-50e5-4637-81d9-c0cc94f38d0a-e1731100881368-1024x300.png 1024w, https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/373409b7-50e5-4637-81d9-c0cc94f38d0a-e1731100881368-1536x450.png 1536w, https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/373409b7-50e5-4637-81d9-c0cc94f38d0a-e1731100881368-2048x600.png 2048w, https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/373409b7-50e5-4637-81d9-c0cc94f38d0a-e1731100881368-1200x352.png 1200w" sizes="(max-width: 2068px) 100vw, 2068px" /><p id="caption-attachment-2064937" class="wp-caption-text">The national average asking rents (Urbanation Inc. | Rentals.ca)</p></div>
<p data-block-key="dl2r">&#8220;Average asking rents fell 1.9% month-over-month in October, bringing rents down 2.2% over the last three months, equal to an average rent reduction of $49 per month since July,&#8221; noted experts.</p>
<h2 data-block-key="dl2r">Condo rent trends</h2>
<div id="attachment_2064961" style="width: 810px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-2064961" class="size-full wp-image-2064961" src="https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/13_-_AnnChngAvgAskRentLrgstMrktsPurpCondo_-_No.width-800.png" alt="" width="800" height="486" srcset="https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/13_-_AnnChngAvgAskRentLrgstMrktsPurpCondo_-_No.width-800.png 800w, https://images-dh-production-baselayer.dailyhive.com/uploads/2024/11/13_-_AnnChngAvgAskRentLrgstMrktsPurpCondo_-_No.width-800-500x304.png 500w" sizes="(max-width: 800px) 100vw, 800px" /><p id="caption-attachment-2064961" class="wp-caption-text">Urbanation Inc. | Rentals.ca</p></div>
<p data-block-key="82m13">Some of the most prominent rent declines happened to condo studios (-6.9% to $1,874).</p>
<p data-block-key="82m13">One-bedroom condo rents dipped by 3.3% to $2,057, and two-bedrooms by 4% to $2,386.</p>
<p data-block-key="82m13">However, three-bedroom condos saw an increase of 2.8% annually to an average of $2,889.</p>
<p data-block-key="82m13">Among major markets, Edmonton, where a whopping 8.4% spike was observed, seems to offer the most rigid conditions for those hoping to rent a condo.</p>
<p data-block-key="82m13">Read the full report <a href="https://rentals.ca/national-rent-report" target="_blank" rel="noopener">here</a>.</p>
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Asking rent drops in major Canadian cities for the first time since the pandemic

Vancouver

Calgary

Montreal

Toronto

Edmonton

Some promising cost-saving rent trends are emerging that might make tenants across the country's largest cities breathe a sigh of relief.