A new report suggests now is the ideal time for renters to move as rents in Canada’s priciest markets are falling.

A Canadian rent report from Zumper published Thursday found nine of Canada’s 10 most expensive markets saw month-over-month declines in the average rent prices for a one-bedroom apartment in December, while the tenth-priciest  – Kelowna, B.C. – remained flat.

“Most renters prefer to avoid apartment hunting during the holiday season, with the challenges of moving in cold unpredictable weather while juggling travel plans, so the rental market is much less competitive in the winter than the rest of the year,” the report said.

Zumper found 10,000 buildings on its platform had offered move-in specials for the month.

“Property owners also tend to price down units to fill vacancies faster ahead of the holidays as well,” the report stated.

“Renters should consider a winter move if they want a deal.”

FIRST MONTHLY DROP IN MORE THAN A YEAR

Overall, the national rent index for a one-bedroom fell 0.2 per cent to $1,890 per month, marking the first monthly drop since summer 2022.

When it comes to two-bedroom apartments, the national rent index only climbed $10 per month to $2,360.

The acceleration in prices is also slowing down on a year-over-year basis.

One-bedroom apartments climbed 10.6 per cent in December, compared to a 13-per-cent hike last month. 

Vancouver remains the most expensive Canadian city to rent an apartment in, with one-bedroom apartments costing an average of $2,730 per month, while Toronto and Burnaby $2,490 rounded out the top three at $2,500 and $2,490, respectively.

Kingston and Montreal were the only two cities in the top 15 to see month-over-month rent hikes, Zumper said, at 5.8 per cent and 6.3 per cent respectively.