The average asking price for rents in Canada fell to $2,139, marking a 15-month low as it dropped 1.6% year-over-year, with focus on secondary markets.
Despite recent declines in rent prices, they remain 6.7% higher than two years ago and 18.8% higher than three years ago, indicating consistent long-term growth.
Urbanation president Shaun Hildebrand highlighted that the rent declines are primarily occurring in British Columbia and Ontario's secondary market, while purpose-built rents remain stable.
Ontario experienced a 6.4% decrease in apartment rents, averaging $2,351, while B.C. saw a 2.3% drop, suggesting regional variations in rental market dynamics.
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