August Marks "Longest Stretch Of Rent Declines Since The Early Pandemic"

In August, national average rents in Canada marked their eleventh consecutive month of decline on a year-over-year basis, according to Rentals.ca and Urbanation. Despite a 2.3% decrease from last year, rents are still higher compared to two years prior. The largest rent drops occurred in Vancouver, Toronto, and Calgary due to increased apartment supply. Lower immigration and interest rates, paired with increased supply in major cities, are expected to help continue this trend, potentially improving affordability for renters.