In the latest National Rent Report issued by Rentals.ca and Urbanation, it was found that the average asking rent across all types of residential property types in Canada had fallen by 3.6% – the largest decline so far this year, and the tenth consecutive month of year-over-year rent decreases.
The average asking rent nationwide is now $2121, about 11% higher than it was 3 years ago, but $80 less than last year. In British Columbia, the average asking rent had decreased by 4.5%, for a new average of $2496.
Broken down by unit types;
One bedroom units had decreased the most with a 4.6% price drop in average asking rents, two bedroom units were down 3.5%, 3-bedroom units were down 1.9%, and studio apartments just 0.6% lower than last year.
The report found that over a 3-year period studio apartment rents have shapely increased by 19.7%. It also found that average rents within purpose-built rental apartments actually increased by 7% when compared to last year.
Saskatchewan remained both the fastest growing and most affordable region, while Vancouver and Calgary both saw the largest annual rent declines among major markets. However, North Vancouver remains the most expensive rental market in the country, with an average asking rent of $3,043
