Average Asking Rent in Canada Falls to A 35-Month Low in March, Says Report

Average asking rent in Canada fell to a 35-month low of $2,008 in March, said Rentals.ca and Urbanation.The year-over-year decline in rents, an average of $112, or 5.3%, was the largest in nearly five years, representing the 18th-consecutive month of falling rents, they noted in a report.Rents fell by 1.1% from February and have declined by 2.5% since the start of the year. However, key markets of Vancouver, Ottawa, and Montreal saw modest month-over-month increases, while rents remained down year-over-year.Purpose-built rentals remained the most stable on an annual basis, declining 3.9% to an average of $2,005, but saw the largest decline on a month-over-month basis, falling 1.2% from February.Average rents for all unit types continued to fall across the most populous provinces, down 5.4% in Ontario, 5.1% in British Columbia, 4.4% in Alberta, and 2.1% in Quebec. However, increases were seen in Nova Scotia (+3.3%), Saskatchewan (+2.7%) and Manitoba (+2.1%).

-- Average asking rent in Canada fell to a 35-month low of $2,008 in March, said Rentals.ca and Urbanation.

The year-over-year decline in rents, an average of $112, or 5.3%, was the largest in nearly five years, representing the 18th-consecutive month of falling rents, they noted in a report.

Rents fell by 1.1% from February and have declined by 2.5% since the start of the year. However, key markets of Vancouver, Ottawa, and Montreal saw modest month-over-month increases, while rents remained down year-over-year.

Purpose-built rentals remained the most stable on an annual basis, declining 3.9% to an average of $2,005, but saw the largest decline on a month-over-month basis, falling 1.2% from February.

Average rents for all unit types continued to fall across the most populous provinces, down 5.4% in Ontario, 5.1% in British Columbia, 4.4% in Alberta, and 2.1% in Quebec. However, increases were seen in Nova Scotia (+3.3%), Saskatchewan (+2.7%) and Manitoba (+2.1%).