The price to rent a condo or apartment in British Columbia is falling the fastest in the country, though it still remains Canada’s most expensive province, according to a new report.

Rentals.ca released its monthly rent report Thursday, finding that the average monthly price in B.C was $2,401 in October, down 5.8 per cent from this time last year and 9.6 per cent lower than two years ago.

On the city level, municipalities in B.C. were among those with the largest rent decreases year-over-year. The average price for purpose-built apartments and condos fell 15.5 per cent in Coquitlam, 12.9 per cent in New Westminster and 12.5 per cent in Surrey.

Among Canada’s large cities, rent in Vancouver has fallen the most, down 7.4 per cent since last October to an average of $2,728 per month.

Average prices in Vancouver, the country’s second-most expensive city to rent in, reached a 43-month low in October, down 11.4 per cent over the past three years.

When it comes to shared accommodation, Vancouver also led all cities with a 16.7 per cent annual drop in rent, reaching $1,241 per month, though it simultaneously held its lead as the city with the highest rent for that type of home.

New condo sales dropped to a record low for the month of September with just 53 units sold in Toronto last month, according to new data from the Building Industry and Land Development Association.

Citing data from Altus Group, BILD said just 155 condo units were sold across the GTA last month, down 44 per cent from September 2024 and 90 per cent below the 10-year average.

“New home sales across the GTA stumbled to another record low for the month of September,” Edward Jegg, research manager at Altus Group, said in a statement accompanying the report.

“In fact, new home sales are down year-to-date across all the markets tracked by Altus Group led by Toronto, Vancouver, Calgary, Hamilton, and Kitchener-Waterloo where sales have fallen by over half compared to last year.”

The report notes that across all segments, including condos and single-family homes, there were just 438 new home sales in the GTA last month, down 29 per cent from September and 80 per cent below the 10-year average.

Of the sales last month, 283 were single-family homes, down 16 per cent from the previous year and 61 per cent below the average over the last decade.

“The market downturn we are experiencing is historic and will have long-term consequences for housing affordability, the jobs that are provided by our sector, and the economic activity and revenue generated by the new residential construction sector across the country,” Justin Sherwood, chief operating officer of BILD, said in a written statement.

The Real Estate Council of Ontario (RECO) has issued an order to freeze the bank accounts of Oakville, Ont.-based Rexig Realty Investment Group. The regulator has also issued a proposal to revoke the registrations of both the brokerage and Broker Paul Poliszot, the brokerage’s director and president. 

The measures, announced Oct. 30 under the Trust in Real Estate Services Act, 2002 (TRESA), are intended to protect consumer deposits. RECO says the freeze order prevents funds from being withdrawn from the brokerage’s bank accounts. It uses freeze orders “when necessary” to ensure that money held in brokerage accounts is not at risk of being misused.

Rexig, which employs 10 agents according to the regulator, remains open. RECO says the broker of record will oversee remaining transactions and facilitate the transfer of agents and active listings to other brokerages.

Housing was also considerably more affordable in Toronto back in 1993.

Zoocasa recently published a report highlighting these differences, particularly in the housing industry. In 1993, the average home in Toronto sold for $206,490, based on data from the Toronto Regional Real Estate Board. Adjusting for inflation, that would roughly cost $397,000 today.

The average price for a home in Toronto in September 2025 goes for $1,059,377, the report notes, reflecting a 417 per cent jump in prices since the Blue Jays’ last World Series championship.

Even rent was more reasonable in 1993. Based on data from the Canadian Mortgage and Housing Corporation, a one-bedroom apartment cost $627 per month in October 1993 and a two-bedroom apartment cost $773 each month, which would be priced at around $1,206 and $1,487 respectively in today’s dollars.

The report notes the average rent for a one-bedroom in Toronto is about $2,295, as of September, and a two-bedroom was $2,941.

Canada, however, was in a deep recession in the early ‘90s, from March 1990 through May 1992, as a result of strict monetary policy, large budget deficits and inflationary pressures (meaning housing prices were decreased).

Toronto’s real estate board says home sales and prices were down in October from a year earlier as economic uncertainty persists.

The Toronto Regional Real Estate Board says home sales totalled 6,138, down 9.5 per cent from last year, which on a seasonally adjusted basis meant a 2.3 per cent drop in sales from September.

The board says new listings totalled 16,069, up 2.7 per cent from last year, while active listings of 27,808 were up 17.2 per cent.