Canadian asking rents across all property types were down an average of 4.3% year over year, marking the 21st consecutive month of annual declines, said Rentals.ca and Urbanation in a report published Wednesday.
Asking rent for all property types was C$2,033 a month in June, which was the lowest amount since May 2023, according to a chart provided by Rentals.ca and Urbanation in its report.
However, the pace of decline eased after larger drops of 5.3% in March and 4.7% in April and May. On a monthly basis, average rent was up 0.2% from May, the third consecutive monthly increase since reaching a 35-month low of $2,008 in March.
Nearly three-quarters, or 72%, of respondents are seeking rentals priced at C$2,000 a month or less, below the national average rent.