House moves down, rents also?
TVA says the number of Moving Day address changes are down this year, as they have been for the past two, although the supporting story is only an interview with one moving company owner.
Seems likely that people unsatisfied with their living space who would, in the past, have moved house on July 1 hoping for better, are now more likely to hang onto something they can afford, even if it’s sub par.
The Canada Mortgage and Housing Corporation says rents are falling in other Canadian cities because of new construction, but there’s little change in Montreal yet.
mb 12:16 on 2026-06-10 Permalink
I’ve been on the apartment hunt last 2 – 3 months, and I can see that rents appear to be dropping in mtl too. In fb marketplace once you’re chatting with a landlord or agent, you get a notification when the price drops. It hasn’t dropped on all apartments. But i’d say a solid 1/5 have dropped in price from the time I began talking to within a few weeks.
One weird thing I noticed, some landlords are keeping up the price of an apartment in the lease, but offering tenants a “rebate” in the annex of the lease. And they say it explicitly: “rents are dropping so we’re offering this rebate but for our bank we want to keep it at $X amount on the paperwork.” I suppose it has to do with getting approved for higher loans if they charge higher rent on the actual lease itself.
In any case, the rents are declining from totally obnoxious amounts to just moderately obnoxious amounts. So, nothing to celebrate much about just yet.