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Average asking rents fall 4% in July as market 'stabilizing, but not yet recovering'
The national average fell to $2,037, while purpose-built apartments proved more resilient and condo and secondary-market rents dropped faster.
- Canada's average asking rent fell 4 per cent year-over-year to $2,037 in July, marking the 22nd consecutive month of decline, though Metro Vancouver remained the most expensive rental market.
- While Atlantic Canada was the only region posting annual rent growth at 6.5 per cent, larger provinces like Alberta and Ontario saw decreases of 4.3 per cent and 3.7 per cent respectively.
- North Vancouver recorded the highest average asking rent at $3,458; Purpose-built apartment rents fell 2.6 per cent to $2,041, while Condo rents dropped 6.3 per cent to $2,063.
- Prices ticked up 0.2 per cent from June, marking the fourth straight monthly increase and the smallest year-over-year decline since Feb.
- Urbanation president Shaun Hildebrand says the Canada rental market appears to be "stabilizing, but not yet recovering," reflecting typical seasonal momentum heading into the back-to-school period.
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18 Articles
18 Articles
The average rent requested at the country level fell by 4 per cent in July compared to last year and now amounts to $2037, according to a new report.
·Montreal, Canada
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Coverage Details
Total News Sources18
Leaning Left11Leaning Right1Center5Last UpdatedBias Distribution65% Left
Bias Distribution
- 65% of the sources lean Left
65% Left
L 65%
C 29%
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