Asking rents in Canada fall 4.3% year-over-year, lowest June in four years
Average asking rent hit $2,033 in June, marking the 21st consecutive month of year-over-year declines. Ontario saw the largest provincial drop at 5.3%, bringing average rents to $2,233.
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Asking rents across Canada continued to decline in June, sinking 4.3% compared with a year earlier to an average of $2,033, according to a new report from Rentals.ca and Urbanation.
The June figure marks the lowest asking price for the month in four years and the 21st consecutive month of year-over-year declines. However, the pace of decline has slowed—rents fell 5.3% in March and 4.7% in April and May.
Monthly rents ticked up just 0.2% from May to June. Purpose-built apartments dropped 3.1% year-over-year to an average of $2,034, while condo apartments fell 6.8% to $2,058.
Provincially, British Columbia and Ontario posted the largest year-over-year drops at 5.3% each, bringing average asking rents to $2,377 and $2,233 respectively. Atlantic Canada bucked the trend, posting the biggest jump at 5.3% to $2,271 across the region. Nova Scotia emerged as the most expensive province at $2,360, partly due to a higher concentration of listings in new buildings.
Two and three-bedroom units showed the smallest declines nationally, dropping 2.8% and 2.9% respectively.
