Canadian rental rates decline in major cities, rise in smaller markets; overall asking rents increase 3.3% year-over-year.
A report from Rentals.ca and Urbanation reveals mixed rental trends in Canada for August. While major cities like Vancouver and Toronto saw rental rates decline by 6% and 7% respectively, smaller markets experienced substantial increases, with Quebec City rising 22%, Regina 18%, and Gatineau 15%. Overall, asking rents across Canada rose 3.3% year-over-year, the lowest increase in nearly three years, attributed to high apartment completions and slowed population growth.
September 10, 2024
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