Rents Decline in Canada’s Big Cities, Rise in Smaller Markets: Report

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 six percent from last year to $3,116 for the ninth straight month of declines, while Toronto rents fell seven percent 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 percent jump in Quebec City to $1,705, an 18 percent jump in Regina to $1,418 and a 15 percent increase in Gatineau, Que., to $2,054....