"It is a rare occurrence for rents to decline at the national level," said Urbanation president Shaun Hildebrand in a press release. "This is happening as the key drivers of rent growth in recent years—a strengthening economy, quickly rising population, and worsening homeownership affordability—are beginning to reverse." He anticipates that this trend will continue as more apartment construction is completed.
The decline in rental prices is most notable in urban centers in Ontario and British Columbia, signaling a shift in the housing market trends where prices have inflated significantly in recent years due to high demand.
Despite the overall decline in rental prices nationally, smaller mid-sized markets are witnessing an increase in rent, reflecting a growing demand as Canadians opt for more affordable housing options.
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