Asking rents in Canada continued their downward trend last month, with the average cost in June reported at $2,033, marking a 4.3% decrease compared to the same period last year. This decline, the 21st consecutive one, is based on data analyzed by Rentals.ca and Urbanation from their listings network. It also represents the lowest asking price for the month of June in the past four years. While the rate of decline slowed down compared to previous months, with average asking rents decreasing by 5.3% in March and 4.7% in both April and May, there was a slight 0.2% increase from the previous month of May.
Purpose-built apartment rents dropped by 3.1% year-over-year to an average of $2,034, while condominium apartment rents decreased by 6.8% to $2,058. Secondary market units such as houses and townhouses experienced the most significant annual decline, down by 7.4% to $2,017.
On a provincial level, British Columbia and Ontario recorded the largest year-over-year drops in average rental prices, each at 5.3%, bringing the average asking rents to $2,377 and $2,233, respectively. In Alberta, average asking rents fell by 4.2% to $1,766, while Quebec saw a 2.2% drop to $1,929.
Atlantic Canada saw the most significant increase in average asking prices, rising by 5.3% to $2,271 across the region. Nova Scotia stood out as the most expensive province for apartment and condo rentals, with an average price of $2,360, attributed to a higher concentration of listings in new buildings and a larger proportion of large-sized units.
Nationally, two and three-bedroom units experienced the smallest price drops, decreasing by 2.8% and 2.9%, respectively.
