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The average asking price for a rental unit in Canada in August was $2,035, down 4.8 per cent compared with a year ago.
A monthly report from Rentals.ca and Urbanation says it marks the steepest year-over-year drop since March.
Average asking rents have now fallen year over year for 23 consecutive months, with prices down seven per cent compared with 2024.
Rents were essentially flat on a monthly basis, down 0.1 per cent from July after four consecutive monthly increases through the spring and early summer.
Urbanation president Shaun Hildebrand says the escalating trade war between Canada and the United States is emerging as a new uncertainty for the rental market. He warns that demand could slow in the near term due to lower employment and consumer confidence, while supply is being threatened through potentially higher construction costs.
Asking rents for purpose-built apartments fell 3.3 per cent year over year to an average of $2,038 last month, while asking rents for condominium apartments decreased 7.7 per cent to $2,050.
