Rents on the decline in Canada and Ontario; holding steady in Oshawa [Video]

The average asking rent for all residential properties in Canada fell to $2,088 in February, marking a 4.8 per cent annual decline, the largest drop since early in the pandemic in April 2021.

This is the fifth consecutive month of year-over-year rent decreases, bringing average asking rents to their lowest level since July 2023, but rents still remain more than five per cent higher than two years ago and nearly 17 per cent above pre-pandemic levels, according to the latest National Rent Report from Rentals.ca and Urbanation.

Ontario continued to dominate many of the most expensive and most affordable rental markets, after the usual places at the top for Vancouver ($2,516 for 1-bedroom, $3,442 for 2-bedroom) and its eastern suburb Burnaby.

Toronto came in at #3 for 1-bedrooms ($2,359) and for 2-bedrooms ($3,006), with Oakville jumping up to #2 for 2-bedrooms at $3,208.

Windsor, Welland and Chatham-Kent ranked among the …