$2,037 was Canada’s average asking rent in July, down 4% from a year earlier and extending annual declines to 22 consecutive months.
The drop was the smallest since February, while rents still rose 0.2% from June for a fourth straight monthly increase, suggesting seasonal back-to-school demand is firming prices.
Urbanation said the rental market appears to be stabilizing rather than recovering, with asking rents down 7.5% over the past two years.
By property type, purpose-built apartment asking rents fell 2.6% to $2,041, while condominium apartment rents dropped 6.3% to $2,063.