Rents went up just 2.1% in September, continuing monthly price slowdown [Video]

A new report says growth in average asking rents across Canada last month slowed to the lowest rate since October 2021, at 2.1 per cent year-over-year.

The report from Rentals.ca and Urbanation finds average asking rents sat at $2,193 for September, marking the fifth straight month that the annual rate has slowed from May’s nine per cent growth.

Urbanation president Shaun Hildebrand says rents in Canada are increasing at the slowest pace in nearly three years, which he attributes to foreign student enrolments dropping by roughly half from record highs.

However, rent still remains 13.4 per cent higher than it was two years ago and 25.2 per cent higher than three years ago, according to the report. 

Largest annual rent declines in Ontario and B.C. 

Ontario and B.C. recorded the most significant annual rent declines, with the …