Canada asking rents fall 4.3% year over year in June

Asking rents across Canada fell 4.3% from a year earlier in June, according to a new report from Rentals.ca and Urbanation. The national average asking rent was $2,033, marking the 21st straight month of yearoveryear declines. The report said British Columbia and Ontario recorded the largest annual drops, both down 5.3%. Average asking rents also declined in Alberta, Quebec and several other markets, while Atlantic Canada was the main regional outlier with higher prices. By housing type, purposebuilt apartments averaged $2,034, condominium apartments averaged $2,058, and secondary market units such as houses and townhouses averaged $2,017. The report said the pace of decline slowed compared with earlier in the spring, even as rents remained below last year's levels.