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The latest National Rent Report from Rentals.ca and Urbanation shows average asking rents across Canada declined 2.3 per cent year over year in August to $2,137, marking the eleventh consecutive month of annual decreases. Despite this drop, average asking rents remain one per cent higher than two years ago, reflecting ongoing upward pressure over the long term.
Ontario’s average asking rents fell 2.5 per cent year over year, part of a broader trend of easing prices across the country. Analysts say major urban centres like Toronto and Ottawa have seen the steepest declines due to new apartment supply, but smaller communities, including Northumberland County and Quinte West, may also start to benefit from a more balanced market.
Purpose-built rentals posted the smallest annual decline in August at 0.4 per cent, compared to a 3.7 per cent drop for condos and 6.0 per cent for houses and townhomes. Shared accommodations saw a 5.9 per cent drop nationally and a 6.5 per cent decline in Ontario.
Local housing advocates say that while affordability challenges remain, the sustained moderation in rent growth could improve access for renters in Northumberland County and Quinte West. As new units come online through local developments and provincial infrastructure investments, observers expect conditions to gradually become more favourable for tenants in Central Ontario.
The National Rent Report is released monthly and tracks asking rents across property types and regions nationwide.
(Written by: Joseph Goden)
