Average rents dip 2.3 per cent in August, continuing downward trend

TORONTO – A new report says average asking rents fell in August compared with a year ago to mark 11 months of straight declines.

The Rentals.ca and Urbanation report says the average rental rate across Canada was $2,137 in the month for a 2.3 per cent decline from a year ago, though still up one per cent from 2023.

Rents have been on the decline as the federal government has reduced immigration rates that slowed population growth, and as a wave of condo completions come onto the market.

The report shows condo rents were down 3.7 per cent in August from year ago while purpose-built rental rates were down 0.4 per cent. House and townhouse rates were down six per cent from last year.

Average rents in Canada went on the decline during the height of the pandemic, but began to rise in the su