The average asking rent for all residential properties in Canada fell to $2,100 in January, marking a 4.4 per cent annual decline and the fourth consecutive month of annual rent decreases, following 38 straight months of annual rent hikes.
The data from the National Rent Report showed Ontario experienced the steepest decline among the provinces, with that trend especially acute in Kingston in eastern Ontario, with rents for all rental types down 9.5 per cent year-over-year – second only to Richmond Hill’s 12.2 per cent drop – and down 11.8 per cent for two-bedroom units – the biggest decline in the nation.
Kingston’s average rent for one-bedroom rentals of $1,811 per month (19th in Canada) is actually up 1.4 per cent from last month but down 3.5 per cent from last year, while two-bedroom rentals are down marginally from last month to $2,051 a month (25th in Canada) but down …