Canadian rental prices fell 1.2 per cent in October compared to the same time last year, marking the first time that annual rents have declined since July 2021, according to a new report. The average cost of rent around the country is now $2,152 per month. That's down $50 a month from June's record high (new window) of $2,202 per month. Declines in big cities, prices up in smaller marketsToronto, Montreal, Vancouver and Calgary each saw decreases in October. However, rental prices in smaller mid-sized markets were still on the rise, reflecting a spike in demand (new window) as Canadians seek housing in less expensive markets.
