In a surprising trend, rent prices across Canada continue to decline, marking the 11th straight month of drops as reported by Rentals.ca on Monday.

As of August, the national average asking rent fell by 2.3% compared to last year, with the current average sitting at $2,137. Although this reflects a significant decrease, it still exceeds the $1,718 average from August 2020, showing a slight 1% increase from last month.

Alberta Takes the Lead in Rent Reductions

Among the provinces, Alberta has seen the most significant year-over-year declines in rental prices, down 3.5% from last August. British Columbia follows closely with a drop of 2.7%, while Ontario witnessed a 2.5% decrease. Nova Scotia and Quebec also reported declines of 2.2% and 0.2% respectively.

The Affordability Crisis Persists Despite Declines

Though rents are decreasing, the soaring costs of housing continue to create an affordability crisis in Canada. A recent study from the Centre for Policy Alternatives revealed that a resident in Vancouver must earn approximately $78,699 annually to comfortably afford a one-bedroom apartment.

Meanwhile, in Toronto, the required income is just shy at $78,333.

Vancouver: The Most Expensive City in Canada

Despite an almost 10% drop in rent compared to last year, Vancouver remains the most expensive rental market in the nation, with an average asking rent of $2,820. In comparison, Calgary has seen rents fall around 7% to about $1,911, whereas Toronto—Canada’s second priciest rental market—averaged $2,606 after a 3% decline.

Unexpected Rent Increases in Some Cities

Not all cities experienced a downward trend. Saskatoon saw an unexpected rent spike of 7%, averaging $1,443. Regina, Edmonton, and Winnipeg reported minor increases of 1%, with rents at $1,432, $1,585, and $1,618 respectively.

Notably, Edmonton’s rental prices have soared over time, climbing approximately 10% from two years ago and more than 25% from three years ago.

Affordable Rentals Still Exist in Alberta

On a brighter note, Alberta offers some more budget-friendly rental options in cities like Lloydminster ($1,179), Medicine Hat ($1,287), and Fort McMurray ($1,364), providing some relief amid the ongoing crisis.