Canadian annual rents have fallen for 18 consecutive months.

According to the National Rent Report and Urban nation data, annual rents in Canada have declined for 18 months consecutively. Rents have fallen to their lowest level in 35 months, down 7.9% from two years ago.

Urban nation President Shaun Hildebrand stated, “The downturn in Canada’s rental market has intensified, with March seeing the fastest drop in rents since the COVID-19 pandemic began. This reflects in real time the impact of factors such as declining population, ongoing housing affordability issues, increased economic uncertainty, and record-high condo completions.”

At the provincial level, the rent declines are concentrated in some of Canada’s most populous territories, including British Columbia. Condominium rents in British Columbia fell by 4.8%. Despite recent rent increases, rents in Vancouver are still below levels seen in early 2022.

In March, the average asking price for shared accommodation in British Columbia, Alberta, Ontario, and Quebec fell 6.3% year-over-year to $899, marking the first time in three years that it has dropped below $900. Rents for all types of properties continued to decline, with the largest drop in the secondary market.