Average asking rents in Canada continued to decrease in June compared to the previous year, reaching $2,033, as reported by Rentals.ca and Urbanation. This marks the 21st consecutive month of year-over-year declines. The current average rent is the lowest for the month of June in the past four years. Although the rate of decline slowed down slightly, with a 0.2% increase from May, the average asking rents for purpose-built apartments fell by 3.1% to $2,034, while condominium apartments saw a 6.8% decrease to $2,058. Secondary market units, including houses and townhouses, experienced the most significant annual decline of 7.4% to $2,017.
Provincially, British Columbia and Ontario recorded the largest year-over-year drops in average rental prices at 5.3% each, bringing the average rents to $2,377 and $2,233, respectively. In Alberta, average asking rents fell by 4.2% to $1,766, and Quebec saw a 2.2% drop to $1,929. Atlantic Canada witnessed a notable increase in average asking prices, rising by 5.3% to $2,271. Nova Scotia emerged 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 of 2.8% and 2.9%, respectively.
