TORONTO — Average asking rents in Canada fell 3.2 per cent in September from a year earlier to $2,123, marking the 12th straight month of annual declines.

The latest monthly report from Rentals.ca and Urbanation said asking rents for purpose-built apartments were down 2.1 per cent from a year ago to an average of $2,093, while asking rents for condominium apartments fell three per cent to $2,226.

Rents for houses and townhomes declined 5.5 per cent to $2,178.

Urbanation president Shaun Hildebrand said renters in many regions are seeing the best levels of affordability in two years, with those in the most expensive markets of Vancouver and Toronto seeing rents at their lowest levels in nearly four years.

“This is the result of new rental supply outstripping demand, which is unlikely to

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