Rents down in major urban centres across Canada; Oshawa showing small year-over-year drop

Average asking rents for residential properties in Canada decreased by 1.2% year-over-year in October, marking the first annual decline since July 2021. Monthly rents now average $2,152, with significant drops in major urban centers like Vancouver, Toronto, and Mississauga. Oshawa saw a small increase in two-bedroom rents but a year-over-year decline overall. Smaller markets like Saskatoon experienced rent growth. Nationally, purpose-built apartment rents rose slightly, while condominium rents fell.