Average Asking Rents Decline for the First Time in Over a Year in Canada
After a prolonged period of escalating rental costs, the Canadian rental market is finally showing signs of easing. A new report from Rentals.ca and Urbanation reveals that average asking rents across Canada dipped to $2,139 in November, marking a 15-month low and the second consecutive month of decline. This downturn represents a 1.6 percent decrease compared to November of the previous year, signaling a shift in the rental landscape after more than three years of continuous increases. However, despite these recent declines, average rents remain significantly higher than pre-pandemic levels, with a 6.7 percent increase compared to two years ago and an 18.8 percent surge compared to three years ago. The report indicates that the rent decreases are primarily concentrated in the secondary market for condos and houses, particularly in British Columbia and Ontario. Purpose-built rental units, on the other […]
