Average Rent Drops for First Time in Years but Remains Above Pre-Pandemic Levels

After reaching an all-time high in May, the average rent in Canada fell in October to its lowest level in 12 months, marking the first year-on-year decline since the pandemic, according to a new report. Average prices, however, remain at their highest levels since they began rising three years ago. The average asking rent for all residential property types in Canada dropped by 2.1 percent in October compared to the previous year, falling from $2,178 to $2,152, according to a November report by rental listing website Rentals.ca and real estate data agency Urbanation. This new average rent is $50 less per month than the record high of $2,202 reached in May, but still higher than in October 2021, when the average rent was almost $400 cheaper....