Canada's average asking rents fell 1.2% in October, marking the first decline since July 2021.

In October, Canada experienced its first year-over-year decline in average asking rents since July 2021, dropping 1.2% to $2,152. Major urban centers like Toronto, Vancouver, Calgary, and Montreal saw significant decreases, while British Columbia and Ontario had the largest drops at 3.4% and 5.7%, respectively. Urbanation president Shaun Hildebrand anticipates this trend will continue due to a weakening economy, although Saskatchewan reported a notable 17.1% rent increase.

November 07, 2024
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