There’s a bit of good news and bad for Canadian renters in a new report from Rentals.ca and Urbanation .

Rents down from a year ago

First the good news.

Average asking rent prices across the nation were down in August compared to the same month a year ago.

Asking rents decreased by 2.3 per cent to an average of $2,137 per month.

August was also the 11th straight month with lower year-over-year asking rent prices, which is the longest stretch of falling rents since the COVID-19 pandemic.

What’s more, the average asking rents during the past 12 months were down by 2.6 per cent compared to the 12-month period ending in August 2024.

Prices up from a month ago

Now the bad news.

While asking rent prices are down compared to a year ago, they’re higher than just a month earlier.

Asking

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