A new report says August rental rates fell in some of Canada’s largest and priciest markets to continue a months-long trend while prices rose in smaller markets.
The report from Rentals.ca and Urbanation finds the average Vancouver rental rate was down 6% from last year to $3,116 for the ninth straight month of declines, while Toronto rents fell 7% to $2,697 for the seventh month of retreat.
Rents were also down slightly in Ottawa, Montreal, and for the first time since February 2021 in Calgary.
In contrast, numerous other cities have seen double-digit increases, including a 22% jump in Quebec City to $1,705, an 18% jump in Regina to $1,418 and a 15% increase in Gatineau, Que., to $2,054.
Overall, rising rents in smaller markets outweighed the reductions in the biggest cities to leave asking rents in August up 3.3% from last year to $2,187.
The report says the increase in rent was the lowest annual rise in almost three years as apartment completions reach their highest total in decades while population growth and the labour market weaken.