The average national asking rent fell four per cent in July compared with the same month last year, landing at $2,037 \u2014 marking the 22nd consecutive month of year-over-year declines, according to the latest monthly analysis from Rentals.ca and Urbanation released this week.<\/p>\n<\/p>\n
Asking rents have now declined 7.5 per cent over the past two years. Yet July’s annual drop was the smallest recorded since February, and month-over-month prices continued to inch upward \u2014 rising 0.2 per cent from June, the fourth straight monthly increase.<\/p>\n<\/p>\n
Urbanation president Shaun Hildebrand struck a cautious note in assessing the data. “Canada’s rental market is showing signs of stabilizing, but not yet recovering,”<\/strong> he said in a news release accompanying the report. He attributed the recent monthly gains largely to seasonal momentum tied to the back-to-school period, noting that annual declines persist across most of the country.<\/p>\n<\/p>\n Among Canada’s major urban markets, Toronto is drawing particular attention from analysts. Apartment and condo rents in the city rose 1.6 per cent from June to reach $2,577, while the year-over-year decline narrowed to just 0.6 per cent \u2014 the smallest annual drop of any major Canadian market.<\/p>\n<\/p>\n The Rentals.ca and Urbanation report described this as “a further step towards an emerging turnaround”<\/strong> in Toronto’s rental market, pointing to tightening supply as fewer new condominium units come to market, alongside pent-up demand being released as affordability improves relative to recent peaks. Hildebrand flagged Toronto as a potential leading indicator for broader national trends.<\/p>\n<\/p>\n Vancouver retained its standing as the most expensive municipal rental market in Canada, with an average asking rent of $2,677 for apartments and condos \u2014 down 4.5 per cent year-over-year and 1.4 per cent from June alone.<\/p>\n<\/p>\n Other major cities recorded the following year-over-year changes in average asking rents:<\/p>\n<\/p>\n <\/p>\n<\/p>\n Nationally, purpose-built apartments saw asking rents fall 2.6 per cent year-over-year to an average of $2,041 in July. Condominium apartments recorded a steeper annual decline of 6.3 per cent, averaging $2,063. Secondary market units \u2014 including houses and townhouses \u2014 experienced the sharpest drop of all property types, falling 7.5 per cent annually to an average of $2,007.<\/p>","protected":false},"excerpt":{"rendered":" The average national asking rent fell four per cent in July compared with the same month last year, landing at $2,037 \u2014 marking the 22nd consecutive month of year-over-year declines, according to the latest monthly analysis from Rentals.ca and Urbanation released this week. A Long Slide, With a Slowing Pace Asking rents have now declined […]<\/p>\n","protected":false},"author":3,"featured_media":1399,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50,37],"tags":[],"class_list":["post-1400","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","category-news"],"yoast_head":"\nToronto Emerges as a Market to Watch<\/h2>\n<\/p>\n
City-by-City Breakdown<\/h2>\n<\/p>\n
By Property Type<\/h2>\n<\/p>\n