National rent prices decline year-over-year to 15-month low, report says

A new report says average asking rents fell nationally on a year-over-year basis to $2,139 in November, marking a 15-month low.

The monthly report from Rentals.ca and Urbanation finds average asking rents across Canada were down 1.6 per cent from the same month last year, as rents dropped for the second month in a row after more than three years of increases.

The report says that despite those declines, average rents in Canada are still 6.7 per cent higher than two years ago and 18.8 per cent higher than three years ago.