Average rental prices in Canada continued to decline in June, reaching $2,033, down by 4.3% compared to the same period last year. This marks the 21st consecutive month of year-over-year decreases, according to the latest data from Rentals.ca and Urbanation. Despite the downward trend, the pace of decline has slowed compared to previous months, with a 0.2% increase from May.
In June, purpose-built apartment rents averaged $2,034, showing a 3.1% decrease year-over-year, while condominium apartment rents dropped by 6.8% to $2,058. Secondary market units such as houses and townhouses experienced the most significant annual decline at 7.4%, averaging $2,017.
Provincially, British Columbia and Ontario saw the largest year-over-year drops in average rental prices at 5.3% each, with average rents at $2,377 and $2,233, respectively. Alberta witnessed a 4.2% decrease to $1,766, and Quebec saw a 2.2% drop to $1,929.
On the other hand, Atlantic Canada saw a notable increase in average rental prices, rising by 5.3% to $2,271. Nova Scotia emerged as the most expensive province for apartment and condo rentals, with an average price of $2,360, attributed to a higher concentration of listings in new buildings and a larger proportion of larger units in the region.
Nationally, two and three-bedroom units experienced the smallest price declines at 2.8% and 2.9% respectively.