Canadian major city rental rates declined in August, with Vancouver down 6% and Toronto down 7%.

A report from Rentals.ca and Urbanation indicates that rental rates in Canada’s major cities, including Vancouver (down 6% to $3,116) and Toronto (down 7% to $2,697), continued to decline in August. Conversely, smaller markets like Quebec City, Regina, and Gatineau saw substantial increases, with Quebec City rising 22%. Overall, national rents increased 3.3% year-over-year to $2,187, marking the slowest annual growth in nearly three years due to high apartment completions and a weakening labor market.

September 10, 2024
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