The national average asking rent in April was down year-over-year for the seventh straight month at $2,127, marking a decrease of 2.8 per cent. A realtors sign advertises a house as for sale or for rent, in Ottawa on June 9, 2023. THE CANADIAN PRESS/Adrian Wyld
The national average asking rent in April was down year-over-year for the seventh straight month at $2,127, marking a decrease of 2.8 per cent. A realtors sign advertises a house as for sale or for rent, in Ottawa on June 9, 2023. THE CANADIAN PRESS/Adrian Wyld
TORONTO - A new report says average asking rents fell nationally on a year-over-year basis to $2,139 in November, marking a 15-month low.
The monthly report from and Urbanation finds average asking rents across Canada were down 1.6 per cent from the same month last year, as rents dropped for the second month in a row after more than three years of increases.
The report says that despite those declines, average rents in Canada are still 6.7 per cent higher than two years ago and 18.8 per cent higher than three years ago.
Urbanation president Shaun Hildebrand says rent declines so far are mainly focused within the secondary market for condos and houses, mostly in B.C. and Ontario, while purpose-built rents are stable.
Ontario recorded a 6.4 per cent year-over-year decrease in apartment rents to an average ask of $2,351, while B.C. saw a 2.3 per cent decrease to an average of $2,524. In Quebec, there was a 0.4 per cent decrease to an average of $1,969.
Apartment rents were up in the rest of the provinces, led by Saskatchewan with a 12.1 per cent gain to an average of $1,361. In Alberta, rent grew 3.7 per cent year-over-year to $1,758.
This report by ºÃÉ«tvwas first published Dec. 10, 2024.
