In June, the average asking rents in Canada continued to decline, with the latest report indicating a $2,033 average cost, down by 4.3% compared to the same period last year. This marks the 21st consecutive month of year-over-year decreases, as reported by Rentals.ca and Urbanation. It is also the lowest asking price for June in the past four years.
Although the rate of decline slowed down slightly, with a 0.2% increase from the previous month, the average asking rents for purpose-built apartments dropped by 3.1% to $2,034, while condominium apartments saw a 6.8% decrease to $2,058. Secondary market units like houses and townhouses experienced the most significant 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 at 5.3% each, bringing the average asking rents to $2,377 and $2,233 in those provinces, respectively. Alberta saw a 4.2% decrease to $1,766, while Quebec experienced a 2.2% drop to $1,929.
In Atlantic Canada, there was a notable 5.3% increase in average asking prices, reaching $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 spacious units.
Nationally, two and three-bedroom units saw the smallest price drops at 2.8% and 2.9%, respectively.