Average Rent Sees First Annual Decline in Years but Remains Above Pre-Pandemic Levels

A building with "For Rent" and "For Sale" signs in Montreal, on Oct. 1, 2024. The Canadian Press/Christinne Muschi

After reaching an all-time high in May, the average rent in Canada fell in October to its lowest level in 12 months, marking the first year-on-year decline since the pandemic, according to a new report.

Average prices, however, remain at their highest levels since they began rising three years ago.